Russia Has Started Selling Off Gold

Because of the petrodollar shortage.

Russia has started selling off gold from its reserves. In January, the Russian Central Bank reduced its reserves of the precious metal for the first time in a long time, taking advantage of the rise in world prices to a historic high.

This is reported by Bloomberg.

According to the publication, Russia's gold reserves decreased by 300,000 ounces and now amount to 74.5 million ounces. This is the first decline in reserves since last October.

In January, the average gold price reached about $4,700 per ounce. According to preliminary estimates, such an operation could bring about $1.4 billion to the Russian budget.

Despite the decrease in the physical volume of gold, its total value in monetary terms increased by 23% due to a record price rise on the world market.

The Central Bank of Russia began to use gold reserves more actively in operations related to the sale of assets of the National Welfare Fund.

The Russian Finance Ministry is trying to compensate for the decline in revenues from oil and gas exports, which increases the pressure on the Russian economy.

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