Kremlin in 'discussions' to peg ruble to gold, but Russia's central bank rejects the idea

Who will take Russia's word for the size of it's reserves. No one I would suggest. I read an account of the dwarf Putin visiting I think, the Guggenheim museum . Putin took a fancy to a quartz Kalashnikov, Putin gave his bodyguard a nod, who promptly put it under his jacket and walked out. Russia is a Mafia State with Putin its pathological Don.

Here is the interview with the man behind new financial infrastructure.Security Council Secretary Nikolai Patrushev and Peskov from Kremlin are talking about this and not about classical Gold standard.
https://thecradle.co/Article/interviews/9135
The man is Sergey Glazyev,originaly from southern Ukraine.But this will not happen soon and I hope they (whole world except NATO countries) abandon this synthetic measure and settle for time-tested measure:Gold.

Well.they are talking about GDP in PPP,not nominal(last IMF estimate makes almost identical value for USA-EU and China-India-Russia groups.They are not counting on participation of USA and its satellites,obviously.Sort of new "Iron curtain"in reverse...
World would split into "golden 1 billion"-Western world and other 6-7 billion in multi-polar,like old UN-architecture,"live and let live" world where everybody is left to do whatever its nation desires internally and trade externally with that synthetic measure as replacement for US Dollar and pure Gold standard before US Dollar.
Those countries interested in this new architecture essentially don't need anything from "golden 1 billion"(civilian aviation will probably struggle for a while till Russians get theirs back on feet).The heart of new system would be China-Russia symbiosis in terms of production from basic to most advanced products. Others can join on equal basis if they have anything valuable to exchange.
I don't think they need complicating things and should just use Gold for external trade .Some who have more gold accumulated previously (like Indian population) would be privileged initially,but with passage of time this initial advantage would disappear if balanced trade is not maintained (old Spain learned that lesson hard).
Navies from "golden 1 billion"would have hard time interfering because it is essentially pan-Asian project with possibility to go global later. Some truly evil people(Brzezinski) who spent their lives preventing exactly this scenario are probably spinning in their graves right now.
China has no options.They know they are next on chopping block if Russia falls. Taiwan would be the trigger instead of Ukraine. Also they have some scores to settle.Starting with 19th century humiliation all the way to Yugoslavia 1999 and destruction of their Embassy in Belgrade or is it failed 'colour revolution' in HK their latest grievance? Anyway Americans in their infinite wisdom are reminding them monthly with their Navy and Air Force what or who is the target...Chinese forex reserves and all their investments in USA-EU-UK area can get the same treatment as Russia's whenever they dare to do something to defend their core national interests.Plenty of trigger points: Taiwan,HK,Tibet,Xinjiang,North Korea,buying energy resources from Russia or Iran,buying or selling military stuff to Iran,Russia,S.Arabia,Serbia...peeling S.Arabia from USA(buying oil with Chinese currency)...

Because Gold forces countries to run balanced external trade.
Old colonial system got replaced by privileged country who has the ability to run endless trade deficits and budget deficits simply because it can print the currency that is worlds exchange and reserve currency.French President de Gaulle warned the world about this "exorbitant privilege" as he called it more than 50 years ago.

That is how USA amassed biggest pile of debt in entire world history. This year budget deficit is around 2100 billions and trade deficit is 100 or more billions per month. Some 70% of all military expenditures of all NATO countries combined (30 countries,including such as Germany,France,UK and Italy) is on the USA and less than 30% on those 4 and others.

So he took something that costly, which should belong to the state, to become his personal property? Lol... that means the man equates himself to the state. Yes, Putih is the Russian state and the Russian state is Putin.

Just another Putin puppet who got disconnected from the real world.

We've tried it now for 50 years just printing worthless paper....
Just give it a shot and find out if its better.

If I recall correctly, the central bank chef is a woman who wanted to resign for not long ago signaling she does not support what Putin is doing, but Putin didn’t let her go. Now she has the good opportunity to stand up against putler and deny his wish. Something can come out of this.

Yes go Elvira Nabiullina. You are the woman 👍

And interesting read and thank you for a serious post on this matter.
Needs a little digestion,sift the political bias from the technical framework of his proposal and its viability.
Is Russia and their EAEU pals who represent only about a 1/5 of the GDP of US+EU+Japan+SKorea. and only probably 1/3 of China likely have much credibility launching a Russio-centric exchange concept?
Whats in it for China anyway? Not how the Chinese work. No.. on reflection, IMHO. even on first scan its a total non runner. Thats just my opinion. Still.. interesting post.

Gold standard makes sense. Those are the days Putin's trying to return to after all. So he'll us gold as the primary basis with a sprinkle of crypto and a dash of yuan to keep things moving?

The world got too advanced in all spheres, why shall it go back to an outdated standard which only a few countries would be able to meet.

Reality is that its impractical counterproductive and even dangerous to peg a currency the size of ruble to Gold or any other single commodity price. Nabiullina who a very competent CBer, knows that. Putin and the Kremlin spin-artists however know that internationally and in the west, theres a whole populist (contrarian) mythology about the "Gold standard" and the inadequacies of the current fiat system (which has its own shortcomings) which makes it a propaganda focus to lever as a part of its "Sanctions? Problem? what problem?" narrative. There may be temporary "Basket" solutions but lets see... theres no easy/quick-ix longer term answer to the technical financial problem Russia now faces.