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Russia has added a record 223 tonnes of gold to its reserves in the past year, according to the Latest figures of the central bank. In December, the central bank bought 300,000 troy ounces of the yellow metal, bringing the total for the full year to ten percent higher than the total of 2016. Even then, Russia added a substantial amount of precious metal to its strategic reserves.
Over the past decade, Russia's central bank has more than quadrupled its gold reserves. At the end of 2007 there were only 450 tonnes in the vault, now there are no less than 1,838 tonnes. The only other country in the world that came close to Russia gold purchases over the past decade was China, which added a similar amount to its reserves over the same period.
Annual gold purchases Russia since 2006
Russia only started in 2006 with Buy gold, but is still working on it more than a decade later. In fact, since 2014, the country has kicked its purchases into high gear. From 2006 to 2013, the Russian central bank added an average of 80 tonnes of gold per year to its stockpiles, but from 2014 to 2017 it was more than twice as much, with an average of 200 tonnes.
One possible explanation for this increase is the deteriorating relationship between Russia and the West as a result of the events in Ukraine and Crimea. Russia was subject to economic sanctions from the West, which may have been an explanation for the scaling up of gold purchases. Another explanation is that the Gold price was relatively low in 2014 and 2015, allowing the country to collect bullion more cheaply. Much of Russia's gold comes from domestic mines, which sell their production on to banks.
Until recently, no one had a picture of Russia's gold reserves, but recently a Complete photo report on. Why would Russia publish photos now?
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Gold stocks of Russia and China since 2000
Foreign exchange reserves Russia since 1999
Russian gold stock in dollars and tons
