Financial safety

Own Gold Bullion To “Support National Security” – Russian Central Bank

Last week Russia’s Central Bank First Deputy Governor Sergei Shvetsov said Russians own gold bullion and their central bank is adding to its gold reserves in order to “beef up national security.”

Yesterday, the Russian Finance Minister Anton Siluanov warned Washington yesterday: “If our gold and currency reserves can be arrested, even if such a thought exists, it would be financial terrorism.”

Russia is prepared for the possible toughening of US sanctions. However, if they include the seizure of Russia’s foreign exchange reserves, it would be regarded as a “declaration of a financial war,” the Russian finance minister warned as reported by RT.

This is not the first time, senior Russian officials has declared the importance of Russia’s gold and fx reserves and indeed the economic and political strategy behind the country’s fx diversification and gold buying activities. Putin has frequently signaled his belief in gold including in symbolic photos, as has the head of the Central Bank.

Russian gold bullion reserves have increased in value to $73.7 billion as of Nov. 1 from $60.2 billion at the beginning of the year. In September 34 tons of gold was added to the country’s reserves, pushing the country to sixth place in the global rankings of gold holdings. It now sits one place behind China.