Russia Boosts its Gold Reserves
Russia adds another 300,000 oz. (9.3 tonnes) of gold to its reserves in the last month.
Live Gold Price
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;
-adding to its gold reserves.
The chart below shows the progress Russia is making in increasing their gold reserves:
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