Central Banks
Russia Gains $216 Billion in Gold Rally, Replacing Lost Assets
A worker loads 12,5 kilogram gold ingots onto a trolley ready for distribution at a non-ferrous metals plant in Krasnoyarsk, Russia.
Source: BloombergRussia has reaped a windfall from a surge in gold prices since the start of its war in Ukraine, generating gains on a scale comparable to the sovereign reserves frozen in Europe over President Vladimir Putin’s invasion.
The value of the Bank of Russia’s gold holdings has increased by more than $216 billion since February 2022, according to Bloomberg calculations. At the same time, the central bank has largely refrained from both major purchases of the metal and using its gold reserves during that period, despite the loss of access to foreign securities and currencies blocked under sanctions.