A funny pic I found on the Internet.
1. FRS prints unsecured dollars, Central Bank of Russia prints unsecured roubles, oil company X extracts real oil from earth depths of Russia.
Balanse 1: USA has dollars, Central bank has roubles, X oil company has oil
2. The oil company X sells the oil to USA and receives dollars.
Balanse 2: USA has oil, Central bank has roubles, X oil company has dollars
3. You can't spend dollars in Russia so X oil company sells them to the Central Bank and gets unsecured roubles in return.
Balanse 3: USA has oil, Central bank has dollars, X oil company has roubles
4. Central bank of Russia deposits its dollars in one of US banks and calls it foreign gold-currency reserve.
Balanse 4: USA has oil and dollars, Central bank has nothing, X oil company has unsecured roubles.
Perhaps it is better simply to print roubles and distribute them freely instead?