“Russia’s gold reserves have compensated for a third of frozen assets – BloombergRussia benefited from buying up gold before the war, which allowed it to compensate for a third of its frozen reserves. The value
of gold reserves increased by 72%, or $96 billion, since 2022.”, — write: unn.ua
DetailsAccording to the Central Bank, the value of the Russian Federation’s gold reserves increased by 72%, or $96 billion, since the beginning of 2022. The physical amount of gold in the Bank of Russia’s treasury has not changed significantly over the past three years, remaining at around 75 million ounces.
The fate of the country’s reserves frozen abroad as punishment for Putin’s invasion of Ukraine in 2022 remains uncertain. The European Union has not ruled out using some of the funds to help Kyiv fight Russia or to finance reconstruction after the conflict ends.
In the worst-case scenario, when none of the frozen assets are recovered, the increase in the value of Russian gold will offset about a third of potential losses. If US President Donald Trump’s efforts to end the war lead to the unfreezing of all remaining reserves, the Kremlin will be sitting on a financial cushion.
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Tatyana Orlova, an economist at Oxford Economics, noted that although gold is a relatively illiquid asset compared to other reserve assets, global demand for gold may make it easier to sell in crisis situations.
Since 2014, after the annexation of Crimea, Russia has been actively increasing its gold reserves. From 2014 to 2020, the Central Bank increased its gold reserves by 40 million ounces, and the increase in the price of gold allowed for a significant increase in the value of reserves.
Since then, the price of the metal has more than doubled, bringing Russia’s total international reserves close to an all-time high of nearly $650 billion as of April 1.
According to the World Gold Council, the Bank of Russia is currently among the top five largest gold owners among central banks, with metal reserves worth US$229 billion.
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