Russia's Strength Amidst Financial Shock and Sanctions

This chapter discusses the resilience of the Russian Ruble despite the impact of financial shock and sanctions imposed on Russia. It explores the value of the Ruble compared to the dollar before and after the Russian war in Ukraine, as well as Europe's forced payment for gas imports in Rubles. The chapter also touches on the Russian central bank's decision to back the Ruble with gold and the potential for a new monetary system that relies on gold for settling balance of payment deficits.