Interesting arbitrage dynamic here. If buyers of Russian gas (who have no alternate sources) must pay in Rubles and they can get more rubles for an ounce of gold, the 5000/gram may not hold, but it won't be exceeded by a whole lot either.

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The "must pay in rubles" is mostly smoke and mirrors.

How that works in reality is Putin said "send your euros/dollars to this bank and they'll convert into rubles."

So there really is no "must pay in rubles ". Like so much of what is happening regarding Ukraine it's more fantasy than fact.

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