Russia: Rouble devaluation contras lower oil receipts, and...

Russia:

Rouble devaluation contras lower oil receipts,
and creates 'other export' rouble
+ve margins.

CB reportedly exchanging paper reserves for internally mined gold.
When gold is repriced up; margin may be sought.

The Russian bear on the 'commodity
cycle' could transform into a bull,
quicker than one could say:
'Californian economy with no debt'.