Subscribers

Russia seen tapping gold reserves to fight sanctions

It's getting closer to other BRICS nations to be independent of America, Europe

RUSSIA has built up substantial gold reserves which can be used to counter sanctions. In the past 10 years, gold reserves of the Bank of Russia, the central bank, have risen to 1,095 tonnes from 386 tonnes, according to the World Gold Council.

This year alone, the central bank has bought 55 tonnes from the nation's own gold mines to help protect the nation from sanctions. At current gold prices, the reserves, equal to 35.2 million troy ounces, are worth around US$46 billion.

Last week, Russia negotiated more currency swaps of roubles for renminbi, according to the Bank of Russia. It neither disclosed the amounts negotiated with China nor possible strategies of using its gold as collateral for loans...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes