Since Russia demanded to be paid in roubles for their natural gas and oil, the rouble has rebounded from its US-sanctions low and gotten all the way back to even. So one might say that the sanctions have proven to be a failure. And perhaps, worse than a failure, in that they have caused huge inflation in the West — because of the absence of Russian commodties — and even called into question the continued support for the petrodollar regime of the last 50 years.
The Russian also pegged their rouble to gold. So are we seeing the re-emergence of a gold standard and the demise of the all-powerful dollar?