The Russian Federation, under the conditions of the introduction of new American sanctions, is actively buying gold, getting rid of the dollar.
The business agency Bloomberg reports this, citing recent IMF data.
Thus, the Central Bank of Russia in June purchased an additional 26,1 tons of gold, thus bringing its gold reserves to 2 tons. As a result, the total value (of monetary gold) reached $170 billion at the end of July.
For Russia, this purchase became the largest this year. At the same time, in April and May, Russia significantly reduced the volume of investments in US government securities: from $96,1 billion in April to $14,9 billion in May.
“This is a very smart move from Putin. Russia is in a state of financial war. They are moving away from US dollars and into gold. This insulates them from the US dollar freeze and sanctions,” said Jim Rickards, author and editor of the Strategic Intelligence newsletter, in an interview with Bloomberg.
“The Americans are trying to use the dollar as a weapon, and Russia’s desire to diversify its foreign currency reserves is absolutely justified. Gold is the main liquid investment if you don’t want to become dependent on the dollar,” said John Meyer, a partner at the London investment consulting company SP Angel.
Earlier, as PolitNavigator reported, Russia began refuses international payments in foreign currency U.S.A.
In addition, Moscow reported that The dollar exchange rate no longer affects prices in Russia