Russia Dumps Treasuries for Gold
- Holdings of U.S. government debt cut in half to $48.7 billion
- Danske says move is about ‘keeping money safe’ from U.S.
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Russia is rethinking what counts as a haven asset as it duels with the U.S.
Although investors usually seek safety in U.S. debt, Russia cut its holdings of Treasuries nearly in half in April as Washington slapped the harshest sanctions to date on a selection of Russian companies and individuals. In a shift Danske Bank A/S attributed to a deepening “geopolitical standoff,” Russia is instead keeping up its purchases of gold.