The Russian central bank's gold holdings and the struggling ruble - Kitco NEWS

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(Kitco News) - Statista Data Journalist Katharina Buchholz has recently put together some data on where the Russian central bank's gold is being held. It seems like a very prominent subject at the moment as governments around the world are putting sanctions on the nation. China was the single-biggest foreign holder of Russian central bank reserves as of June 30, 2021, holding 13.8 percent of the total of Russia’s reserves. It has been said that this is a mix of gold and foreign currency and roughly the same share of assets held in Chinese currency Yuan Renminbi.

The report said the biggest share of reserves is that held in Russia itself. The main component of this is in the form of gold, making up 21.7 percent of the total. With the sanctions against its central bank progressing, this means Russia would likely remain in charge of around one-third of its current $630 billion strong reserves through domestic gold and Chinese Yuan.

Recently EU countries, along with the U.K., U.S., and Canada moved to freeze Russia's assets. According to Statista, around 25 percent of Russia’s reserve assets were held in France, Germany, and Austria. The total reserves held in Eurozone stood at around 32 percent a significant figure.

Back to gold and the total of its total holdings is surprising a decent amount of the yellow metal. Around 21.7% of the total central bank reserves are gold. As the Russian Ruble is plummeting it seems a very prudent thing that the central bank is holding that amount of the precious metal. Longer-term as there is a flight of capital from Russia gold could start to look even more attractive. On Monday, it was reported that Russia's central bank said it would resume buying gold on the domestic market from this week. It is taking these measures to try and ensure financial stability during Western sanctions against Moscow for its invasion of Ukraine.

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2022-03-01 11:44:00Z
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