Yes the coin is called the Chervonets (red). It is directly convertible to Rubles and valued at the price of the gold content. It is legal tender in Russia and is meant to replace US dollars as a savings vehicle for Russians. Lenin advised that gold is the best money.
They say there is about $100 billion in cash sloshing around in Russia. The government wants to replace this with gold coins.
I'd kind like to hear the sound of $100,000,000,000 in gold coins sloshing around. Sort of an "Auric Symphony."