Significance of setting a Fixed Price for Gold in Roubles Part 3
The global monetary landscape is rapidly changing, and central banks around the world are clearly paying attention. Western authorizations, for example, the freezing of most of Russia’s unfamiliar trade holds while endeavoring to endorse Russian gold, have now clarified that property privileges on unfamiliar cash saves held abroad may not be regarded.
Similarly, gold held in vaults by foreign central banks such as the Bank of England and the New York Fed is not immune to confiscation.
Other non-Western governments and central banks will be keenly interested in Russia’s decision to link the rouble to gold and commodity export payments to the rouble. In other words, if Russia begins to accept gold as payment for oil, other countries may feel compelled to follow suit.
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