Gold reserves of Russia

Gold reserves as a mineral

2023

Russian banks have increased reserves of precious metals

Reserves of precious metals in Russian banks by the end of 2023 reached 426.4 billion rubles, or 71.1 tons of precious metals in gold equivalent based on accounting prices. Such data were published by the Central Bank of the Russian Federation at the end of January 2024. Read more here.

Gold reserves of the Russian Federation for the first time exceeded $150 billion

In mid-December 2023, the volume of gold reserves in Russia for the first time exceeded $150 billion. This was reported by RIA Novosti with reference to the materials of the Bank of Russia.

According to the regulator, gold reserves in the Russian Federation in November 2023 increased by 2.2%, reaching a record value of $151.9 billion, which was the highest level in modern history. The previous maximum was reached in October, then it amounted to $148.7 billion.

The volume of gold reserves of the Russian Federation exceeded $150 billion

The increase in the value of Russia's gold reserve was achieved by rising world prices for noble metal. At the same time, the real reserve of Russian gold decreased in November 2023 by about 16 tons, amounting to 2315 tons, the news agency clarifies.

In September 2023, the Russian Federation increased gold volumes to record levels - 2.36 thousand tons, thus holding fifth place in the world among countries with the largest gold reserves. However, former Labor Minister Sergei Kalashnikov noted in November 2023 that Russia's record gold reserve does not provide special advantages for the country's development and does not make it attractive for foreign investment.

A sharp increase in gold in Russia indicates, on the one hand, that our financial stability is increasing, on the other hand, the problem of gold liquidity has not gone away, "Kalashnikov emphasized.

In the summer of 2023, Reuters reported that more and more states began to return their foreign exchange reserves after Western countries imposed sanctions on Russia. According to the survey, 68% of central banks and sovereign wealth funds surveyed keep their reserves. In 2020, this figure was at the level of 50%.^[1]

Growth of reserves to a record 2.36 thousand tons - 5th place in the world

According to the results of September 2023, Russia's gold reserves increased to 2.36 thousand tons, which was a record figure in the modern history of the country. The reserves of the Russian Federation increased by 44 tons (+ 2%), which allowed the country to take 5th place in terms of gold reserve in the world.

At the end of 2023, Russia's gold reserves reached a new record of $155.9 billion - data from the Central Bank of the Russian Federation.

Inventory growth to 74.9 million ounces by $135.6 billion

By the end of February 2023, over the previous 12 months, Russia's gold reserves jumped by 1 million troy ounces, as the Central Bank bought metal amid sanctions against the country's reserves imposed by the United States and its allies after the outbreak of the conflict in Ukraine.

The value of the gold reserve as of February 28, 2023 will amount to $135.6 billion, the Central Bank said. The disclosure comes as Russia has gradually resumed publishing some of the economic indicators it stopped publishing last year after the sanctions were imposed.

Russia ranks second in the world in terms of gold production, and the Central Bank of the Russian Federation for many years has been one of the largest buyers of gold in the world.

2021

73.7 million ounces

At the end of April 2021, the central bank's storage facilities lost two tons of precious metal. Starting the month with 73.8 million ounces by its end, the Central Bank reported on the presence of 73.7 million. Gold leaves the Central Bank for the second time since the beginning of the year for the fourth time in the last 10 months.

In January states , 100 thousand ounces went from storage. Earlier, a reduction in reserves Russia by 40 thousand ounces was recorded by the IMF. The transactions took place in July (by 10 thousand ounces) and in September (by 30 thousand).

Previously, Russia's gold reserve was reduced only in 2007 - by 1.2 tons in the first quarter. Since 2008, the Central Bank has stubbornly acquired ingots and during this time has increased reserves fivefold. Starting at 20-30 tonnes a quarter, it doubled its buying speed in 2014, when Crimea's annexation triggered a flurry of Western sanctions.

73.8 million ounces are worth $120.2 billion

At the beginning of March 2021, the Central Bank held 73.8 million troy ounces, which cost $130.3 billion. But the fall in the price of gold, which in March updated the 9-month minimum, cut off $5.1 billion from these investments. In monetary terms, the gold reserve of the Central Bank lost to a minimum for the year - $120.287 billion.

Cut to 73.8 million ounces

At the end of January 2021, the gold reserve of the Central Bank lost at least two tons of precious metal.

Starting the month with 73.9 million ounces by its end, the central bank reported on the presence of 73.8 million.

The exact volume of transactions cannot be established: in the statistics of the Central Bank, the weight of gold is rounded to one decimal place. 100 thousand ounces (the maximum possible sales volume) is approximately 4 tons of ingots.

Gold leaves the Central Bank for the third time in the last seven months. Earlier, the Russia   IMF recorded a reduction in wu reserves by 40,000 ounces. The transactions took place in July (by 10 thousand ounces) and in September (by 30 thousand).

Regarding July, the gold reserve of the Central Bank of the Russian Federation could lose weight by 140 thousand ounces, or 5.6 tons, follows from the data of the IMF and the statistics of the regulator. The last time Russia's gold reserve was reduced in 2007.

2020

Russia approached France in terms of gold reserves - 2.295 thousand tons

In 2018, Russia reached 6th place in the world in terms of gold reserve, overtaking China, and in 2020 it came close to France, which has 2.436 thousand tons in reserves (against 2.295 thousand tons from the Russian Federation).

Central Bank of Russia for the first time in 13 years sells gold from reserves

According to the results of the third quarter of 2020, the gold reserve of the Central Bank lost 1.2 tons, follows from the data of the World Gold Council (WGC).

Central Bank stops gold purchases

On March 31, 2020, the Bank of Russia officially announced that it would stop buying gold into reserves. The purchase lasted 15 years - since 2006, ~ 1900 tons of gold have been bought for ~ $67 billion. Now the purchased gold costs $100 billion, and all gold reserves in international reserves are $120 billion (20% share at a price of $1600/ozt).

Russia took 5th place in the world in terms of gold reserves in the Central Bank's storage facilities, overtaking China, and 1st place among the "not most developed" countries that consider international reserves. Surprisingly, there are no countries in the world except Russia, which have a free floating course and attach some importance to gold reserves. At this time, the gold reserve of Russia exceeds all investment demand in the world per year and 4 times the demand for bullion.

From April 1, 2020, the Bank of Russia gave the go-ahead for 100% exports to ensure the inflow of foreign currency into the economy, which was hit by a shock reduction in foreign exchange earnings from the sale of hydrocarbons.

2018: Central Bank increases reserves to 2112 tons of gold

According to the results of 2018, the Bank of Russia acquired 274 tons of gold to replenish gold and foreign exchange reserves, and as of January 1, 2019, its reserves increased to 2112 tons.^[2]

In January 2018 alone, Russia added 600 thousand ounces of gold (18.66 tons) to its reserves, and since June 2015, the Central Bank of Russia has already acquired more than 576 tons of gold.

Gold in the reserves of Russia from June 2015 to January 2018, tons

Since 2009, by February 2018, Russia has added more than 1,100 tons of gold to its reserves, that is, more than China, which bought 775 tons.

2017: 1,800 tonnes or 17.3% in reserves

For the full year 2017, Russia's reserves increased by 224 tons of gold.

From the beginning of 2017, by November 1, the share of monetary gold in the reserves of the Central Bank of the Russian Federation increased from 13.2% to 17.3%, and in total the regulator had more than 1,838 tons of precious metal. In November, the first deputy chairman of the Central Bank, Sergei Shvetsov, said that the regulator would continue to increase the share of gold in reserves, especially given the current geopolitical situation.

will not dwell on the geopolitical environment, all of you people are smart and understand the role of gold in ensuring the financial and economic security of the country... It makes sense for Russia to continue to increase the absolute value of gold in reserves, which we do, "he said, speaking at the Russian Precious Metals Market conference (quoted by Reuters

Since November, the Central Bank began to put metal quotes on the Moscow Exchange, and in the future, when gold mining companies join the trading, it does not exclude large purchases. The exchange, in turn, is preparing to launch delivery futures for gold in 2018. All this, as the regulator expects, will revive the commodity market and increase investor interest in investments in precious metals.

2016: CBR leads fifth year in gold purchases - 201 tons

The Central Bank of Russia acquired 201 tons of gold in 2016 - this is the maximum amount in comparison with national banks of other countries of the world.

The Russian regulator has been the leader in this field among other central banks for the fifth year and continues to actively increase gold reserves. According to the Central Bank of the Russian Federation, the volume of monetary gold in the international investment position on the international reserves of the Russian Federation increased from January 1, 2016 to January 1, 2017 by 24% and amounted to $60.194 billion.

In 2017, apparently, the Central Bank will buy at least 200 tons^[3]

2015: 1,250 tonnes - World No. 7

As of July 2015, Russia's gold reserve is 1,250 tons^[4].

2014: 1,188 tonnes

2012

Russia in 8th place in the world in terms of gold reserves: 918 tons

As of August 2012, more than 880 tons of gold are stored in Russia's reserves - the precious metal accounts for about 10 percent of gold and foreign exchange reserves. Representatives of the Bank of Russia have repeatedly stated that they intend to continue the policy of active gold buying.

Gokhran: 94-FZ has limited replenishment opportunities

Public procurement legislation has made it much more difficult for the government to acquire gold to fill government reserves. About this in August 2012 writes "Rossiyskaya Gazeta" with reference to a source in Gokhran - an institution that is engaged in the formation of a state reserve of precious metals and stones.

According to the publication, Gokhran's plans to purchase 500 kilograms of gold to replenish the State Fund may be thwarted. In early August 2012, the institution announced an electronic auction for the purchase of gold bars for almost a billion rubles, but not a single application has yet been submitted for it. This is due to the fact that it is unprofitable for gold mining companies to hand over gold to the state^[5].

The priority partners in the purchase of gold for producers of precious metals are banks, as they offer more favorable conditions. Previously, Gokhran could buy gold through prepayment and make advances for a yet-to-be-delivered item of 30 per cent. At the same time, banks usually paid an advance of 50 percent.

Now, due to the action of 94 federal laws regulating public procurement, Gokhran cannot make an advance, but must organize auctions at auction. Until 2012, the 94-FZ did not apply to Gokhran. The law prescribes that during the auction, participants must offer the product at a price less than the starting price. At the same time, most transactions in the gold market are at a fixed price called "London fixing" (the price of gold on the LSE London Exchange, which is set twice a day).

2007-2011

At the beginning of 2007, there were only 402 tons of gold in Russia's reserves.

• 2008 - 450 tons,
• 2009 - 519 tons,
• 2010 - up to 638 tons,
• 2011 - 700^[5] with^[5].

1991: Export of about 300 tons of gold on the Moscow-Odessa ship to European ports

In May 2022, the Ministry of Finance of Russia reported that the gold of the party that disappeared in the 1980s had disappeared. Gold was lost, which was for some reason transferred to factories in the late 1980s as a recycled metal. "The factories were privatized and dissolved into space. The authorities are still doing this, it is not forgotten, "said Deputy Finance Minister Alexei Moiseev.

In 1991, gold was taken by "different people" on receipts from the USSR State Bank. Then it was loaded onto the Moscow-Odessa motor ship, and then taken abroad by sea ship and left in different ports of Europe, in technical zones. The volume of gold exported could be about 300 tons.

See also

• Gold reserves of countries of the world
• International (gold and foreign exchange) reserves of Russia

Notes