The Russian central bank's First Deputy Governor Dmitry Tulin said that Moscow sees the acquisition of gold as a "100-percent guarantee from legal and political risks." The increases in gold purchases by the Russian government come as the Trump administration plans to impose new sanctions on Moscow.
Russian bullion holdings are now quickly approaching the Soviet peak of 2,800 tons, which were seen in 1941, according to a report by RT. The gold stockpile was valued at $77.4 billion at the end of last month, according to the Russian central bank's website. At current prices, the reserves are worth around $83.6 billion. Over the last decade, the country's share of gold in reserves has soared tenfold. Russia has also continued reducing its holdings of US treasuries. It has lowered its holdings of US debt from $96.1 billion in March to just $14.9 billion in May.