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Russia Boosts its Gold Reserves

Russia adds another 300,000 oz. (9.3 tonnes) of gold to its reserves in the last month.

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Russia has been increasing its gold reserves at a rapid pace in recent years. It’s no secret Russia (and China) is on a mission to reduce and perhaps eliminate its reliance on the U.S. dollar. Russia’s move to do so has been accelerated by the situation in Ukraine. The United States has imposed financial sanctions against Russia to retaliate against what they see as Russian aggression in Ukraine.

Russia has responded with three initiatives designed to avoid the impact of the U.S. sanctions by reducing its reliance on the U.S. dollar:

-reducing its U.S. Treasury reserve holdings;

-conducting more non dollar trade. To that effect Russia is working on a non dollar oil deal with Iran and has signed a long term gas deal with China; and

-adding to its gold reserves.

The chart below shows the progress Russia is making in increasing their gold reserves:

Russia adds to its gold reserves while decreasing its U.S. Treasury reserves

Russia continues to add to its gold reserves

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Further Reading:

The Smaulgld Gold Buying Guide

Gold Reserves By Country – Top 20

Top Foreign Holders of U.S. Treasuries

Are Russia and China Moving Against the Dollar

Gold and Silver Price Manipulation – Suspected

China Hoardes its Gold Production and Ramps up its Imports

Russia and China move to de-dollarize; switch to Yuan

Russia and China join forces to de-deollarize

Russia signs oil deal with Vietnam

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