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Russia's embrace of gold eases loss of reserves frozen by war
From Bloomberg News
Monday, April 7, 2025
The value of Russia's gold reserves has surged by 72%, or $96 billion, since the beginning of 2022, according to central bank data. The physical amount of gold in the Bank of Russia's coffers hasn’t changed significantly over the last three years, remaining at around 75 million ounces, data shows.
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The fate of the country's reserves that were frozen abroad as punishment for Russian President Vladimir Putin's 2022 invasion of Ukraine remains uncertain. The European Union hasn't ruled out using some of the funds to help Kyiv to fight against Russia or to finance reconstruction after the conflict ends.
In the worst-case scenario, where none of the frozen assets are recovered, the increase in the value of Russia's gold would compensate for about a third of the potential losses. Should U.S. President Donald Trump's efforts to end the war lead to the unfreezing of all of the remaining reserves, the Kremlin would sit on a financial cushion the likes of which it has never had before. ...
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