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Russian Central Bank Buys More Gold in Face of Tougher Sanctions

  • Russia adds 26.1 tons to gold reserves, most since November
  • Shrewd move when U.S. is ‘weaponizing the dollar:’ SP Angel
Gold ingots are seen stacked at the Argor-Heraeus SA gold producing and refining plant in Mendrisio, Switzerland, on Thursday, June 3, 2010. Gold declined for a third day in London as some investors sold the metal to lock in gains after a rally.
Photographer: Adrian Moser
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Russia added more gold reserves in July than any other month this year as it continues to buy up the metal in the face of U.S. sanctions.

The Russian central bank added 26.1 tons last month, bringing its holdings to 2,170 tons, according to International Monetary Fund data compiled by Bloomberg. The stockpile was valued at $77.4 billion at the end of the month, according to the central bank’s website. The last time Russia bought more gold in a single month was in November.