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Russia for first time holds more gold than U.S. dollars in international reserves

Section: Daily Dispatches

By Natasha Doff and Anna Andrianova
Bloomberg News
Tuesday, January 12, 2021

A multi-year drive to reduce exposure to U.S. assets has pushed the share of gold in Russia's $583 billion international reserves above dollars for the first time on record.

Gold made up 23% of the central bank's stockpile as of the end of June 2020, the latest date for which data on the breakdown is available, according to a report published late Monday. The share of dollar assets dropped to 22%, down from more than 40% in 2018.

... Dispatch continues below ...



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The shift is part of a broader strategy outlined by President Vladimir Putin to "de-dollarize" the Russian economy and reduce its vulnerability to U.S. sanctions amid deteriorating relations with Washington.

Gold is now the second-biggest component of the central bank's reserves after the euro, which makes up about of a third of total assets. About 12% of the stash is in yuan. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-01-12/russia-s-583-billion-...

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