If the ruble is not freely convertible for gold, then those reserves dont mean much. And if they are, there goes the gold reserves. Why Nixon closed the dollar gold window in the 70’s because countries were actually using it.
Well, the gold can be sold for Euros
Russia just found HUGE gold reserves last year. I know they are still in the ground, but it means they have some wiggle room.
I think this whole gold/ruble thing will be short lived.
Oil is going to tank the minute this war is over. Once oil tanks, Putin is in trouble. The high price of oil emboldened him. Lower oil will act as a constraint on anything he wants to do.