I think that's basically right, except I think you're emphasizing the wrong point: Putin isn't dumping as an attack, he's spending because he wants stuff, the same as people do who are hugely privileged in the current fiat system, with the same effects: the distribution is such that he spends egregiously and keeps fucking up the prices of goods (Cantillon) and de-valuing the larger currency (bc he's such a whale).

Eventually the system equilibriates. In the meantime, the other users get incessant devaluation and price instability.