MOSCOW TIME: 19.04.2019 01:30:29

Economy

Where does Russia keep its huge gold reserves?

Where does Russia keep its huge gold reserves?

Over the recent decade, central banks across the globe turned from being net sellers of gold to net buyers of gold with official sector activity jumping 36 percent to 366 tons in 2017 against the previous year.

Demand in the first quarter of the current year was up 42 percent year-on-year, with purchases totaling 116.5 tons for the highest first quarter total since 2014, according to the World Gold Council.

Russia, which is currently number five among the countries with the largest gold reserves of nearly 2,000 tons, has been the biggest purchaser of the precious metal for the past six years. In 2017, the country’s central bank bought 224 tons of bullion with another 106 tons purchased in the first six months of the current year. The Bank of Russia explains the strategy as part of diversifying the country's reserves away from the US dollar.

Nearly two thirds of the nations gold is reportedly kept in a Central Bank repository in Moscow with the rest is stored in the countrys Northern capital of St. Petersburg and the Ural city of Yekaterinburg. Russias gold is reportedly kept in bullions weighing from 100 grams to 14 kilograms.

Russias gold mines are mostly located in the Far Eastern region of Magadan. The precious metal is also mined in Chukotka, Yakutia, Irkutsk and Amur region, Zabaykalsky Krai, as well as in the regions of Sverdlovsk and Chelyabinsk and the republics of Buryatia and Bashkortostan.

Source:RT(www.rt.com)

:

Russia gold reserves

Share this:

Share this Share this Share this

NEWS


18.04.2019 Argentinian Mozzarella Taps Into Russian Market

According to the Federal Customs Service of Russia, for the first two months of 2019 Argentinas export of mozzarella to Russia has went up by 89% in terms of value and by 92.4...

18.04.2019 Structural upgrade in exports, imports boosts trade between China and Russia

In 2018, trade between the two countries was more than $100 billion, according to data released by the Ministry of Commerce in January.

17.04.2019 TVEL Fuel Company of ROSATOM and Hermith GmbH develop cooperation in joint titanium production

In the course of the XI International Forum ATOMEXPO 2019, TVEL Fuel Company of ROSATOM and Hermith GmbH (Germany), a major European titanium supplier, have concluded an ag...

EVENTS


01.10.2019 RUSSIAN ENERGY WEEK

October 1-5, 2019 Moscow (Russia)

08.07.2019 INNOPROM 2019

July 8-11, 2019 Ekaterinburg (Russia)

06.06.2019 St. Petersburg International Economic Forum 2019

June 6-8, 2019 St. Petersburg (Russia)

INTERVIEWS


18.04.2018 Pskov State University Increases Its International Student Body Thirty...

Higher education can be a profitable export business, provided the system is built correctly and qua...

FEA Education


03.05.2017 Anna Trubetskaya: "Business should be built on Russians"

About the models of business development in another country and professional secrets is told by a practicing expert on work in international markets Anna Trubetskaya

Our partners