PRC sounded Death Knell for USD$ Petro$$

[我爸是李肛=Ass Loong]

Big Escalator can lend small escalator billions!

http://indianexpress.com/article/world/china-provides-usd-10-billion-credit-line-to-iran-4846363/


China provides USD 10 billion credit line to Iran
Iran is vital to China's trade ambitions as it develops its trillion-dollar "One Belt, One Road" strategy aimed at dramatically boosting its ties to Europe and Africa.

By: AFP | Tehran | Published: September 16, 2017 3:32 pm

The credit line will use euros and yuan to help bypass US sanctions that have continued despite the nuclear deal between Iran and world powers in 2015. (Representative Image)
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A Chinese state-owned investment firm has provided a USD 10 billion credit line for Iranian banks, Iran’s central bank president said today. The contract was signed in Beijing between China’s CITIC investment group and a delegation of Iranian banks led by central bank president Valiollah Seif.

The Iran Daily said the funds would finance water, energy and transport projects. Iran is vital to China’s trade ambitions as it develops its trillion-dollar “One Belt, One Road” strategy aimed at dramatically boosting its ties to Europe and Africa.

In addition to the credit line, the China Development Bank signed preliminary deals with Iran worth $15 billion for other infrastructure and production projects, Seif announced. The contracts reflect “a strong will for continuation of cooperation between the two countries,” Seif said.

The credit line will use euros and yuan to help bypass US sanctions that have continued despite the nuclear deal between Iran and world powers in 2015. China was a signatory to the deal that lifted sanctions in exchange for curbs to Iran’s nuclear programme.

President Xi Jinping visited Iran a week after it came into effect, vowing to boost bilateral trade to $600 billion within a decade. Although trade was just USD 31 billion in 2016, it has jumped more than 30 per cent in the first six months of 2017.

China is already Iran’s biggest oil customer and accounts for a third of its overall trade. Since the lifting of sanctions, Beijing has opened two credit lines worth USD 4.2 billion to build high-speed railway lines linking Tehran with Mashhad and Isfahan, Iran Daily reported.

The latest move follows an eight-billion-euro credit deal signed with South Korea’s Exim bank last month. European banks remain wary of penalties from Washington for working with Iran, but talks are said to be at an advanced stage for USD 22 billion in credit deals with banks from Austria, Denmark and Germany.

China’s new USD 10 billion credit line will go to Iran’s Refah Kargaran, San’at va Ma’dan, Parsian, Pasargad and Tose’e Saderat banks.

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[我爸是李肛=Ass Loong]

China & Russian supplies arms to Iran to fire at Dotard and NATO ships in Gulf.

 

[Shut Up you are Not MM]

https://www.rt.com/business/412546-china-russia-gold-standard-dollar/

Russia-China real gold standard means end of US dollar dominance
Published time: 9 Dec, 2017 06:29 Edited time: 9 Dec, 2017 09:19
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© Ilya Naymushin / Reuters
The BRICS counties are considering starting an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose its dominance, predicts a precious metals expert.
In 2016, 24,338 tons of physical gold were traded, which was 43 percent more than in 2015, according to Claudio Grass, of Precious Metal Advisory Switzerland.

Read more
‘Gold price will explode & dollar get wiped out’ – warns investor Peter Schiff
Gold moving from the West to the East

“We have to put the BRICS initiative into a broader context. It is just part of a geopolitical tectonic shift which started decades ago. We have seen a constant outflow of physical gold from the West to the East. At the same time, the West has lost the economic war, and as a consequence, the focus now turns to the financial system. China dominates the world economy and has displaced the US as the world’s most formidable economic powerhouse,” he told RT.

The creation of a new gold standard by BRICS is also a step to end the US dollar’s domination of the global economy

“As Bejing and Moscow understand that America used the dollar to control the world, by implementing a new kind of ‘Gold standard 2.0’ they want to distance themselves from this control. Furthermore, the vast majority of the people in Asia sees gold as superior, or ‘real’ money, something the West has forgotten, because of all the paper wealth (credit) they have accumulated,” said Grass.

The expert notes the BRICS countries account for 40 percent of the world’s population and around 23 percent of the world’s domestic product.

"In combination with the announcement of pricing oil in yuan, using a gold-backed futures contract in Shanghai, the establishment of the Asian Infrastructure Investment Bank and the New Development Bank, China is setting up an alternative to the post-Bretton Woods establishment. This is certainly a game changer,” said Grass.

Read more
Russia & China could set international gold price based on physical gold trading
Physically backed precious metals market spells the end of paper gold trade

The level of trust between BRICS countries can help them establish intragroup gold trading, which would be 100 percent physically backed.

“This will present a viable challenger that could over time lead to a break up of the current system since the West will likely still trade paper gold in the meantime,” Grass said.

According to London gold clearing statistics for 2016, the total trading volume in the London Over-the-Counter (OTC) gold market is estimated at the equivalent of 1.5 million tons of gold. The volume of 100oz gold futures on New York's COMEX reached 57.5 million contracts during 2016 or 179,000 tonnes of gold, the analyst notes.

The amount of mined gold is much smaller

“If we now take into consideration that only approximately 180,000 tons of gold have actually been mined up to today the scam is just gigantic and obviously unsustainable. The paper scams in London and New York will either blow up when the paper price of gold drops to zero or when just a fraction of investors insists upon receiving physical gold in return,” Grass said.

The expert believes that with paper gold trading, the established gold exchanges could cease to exist sooner or later.

“They will likely become obsolete and lose their importance over time. Although one cannot predict exactly how fast this will happen, the trend is clear: OTC and COMEX are working toward their own destruction,” he said.

Read more
Russia continues stocking up on gold under Putin’s strategy
Gold prices could explode if trading were backed by physical precious metals

“It will definitely lead to higher prices for physical gold. Imagine if you could buy on COMEX and OTC gold at a much lower price and still have the option to sell it in Asia for a much higher price; this would kill the old paper scams immediately. Therefore, I would guess that both could come up with new restrictions that only cash settlements will be allowed to avoid this. We know for example that even today 99.96 percent of COMEX gold futures are settled in cash,” Grass wrote.

The final battle: Gold vs. US dollar

The analyst recollected the Heartland Theory of Halford Mackinder, a British geostrategist at the beginning of the 20th century who influenced the likes of Kissinger and Brzezinski. Following the theory, we will soon face a war between physical gold and the US dollar.

“As per my understanding, we are moving into the final phase, the battle between currencies – one that will be backed by a hard asset which was real money since time immemorial until 1971 and the other one, backed by promises that future generations will pay through debt, inflation and ever-rising taxation,” he said.

Getting away from fiat currencies will be good for gold

“I would like to conclude with a final thought from my friend Jayant Bandari: the combination of negative yields, massive political risks around the world, and any attempt to move away from traditional currencies will be positive for gold and will take it to the next level. Investing is very much linked with geopolitics - once you understand the big picture, it becomes apparent what you should invest in,” Grass told RT.

 

[我爸是李肛=Ass Loong]

https://www.rt.com/business/413107-petro-yuan-futures-trading/


China about to knock out petrodollar by trading oil in yuan
Published time: 14 Dec, 2017 10:20
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John Ryder knocks out Patrick Nielsen © Andrew Couldridge / Reuters
As one of the world’s top energy importers, China has successfully completed its fifth dry run in yuan-backed oil futures contract trading. The step has been already called Beijing’s challenge to the US dollar.
Read more
China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
According to Bloomberg, which cited a statement from the exchange, 149 members of Shanghai International Energy Exchange traded 647,930 lots in the rehearsal with a total value of 268.2 billion yuan. The system met the listing requirements of crude futures after the exercise, it added.

“This contract has the potential to greatly help China’s push for yuan internationalization,” said Yao Wei, chief China economist at Societe Generale in Paris.

She added, however, “its success will hinge critically on the degree of freedom allowed for the capital flows related to the contract.”

A former China division chief at the International Monetary Fund, Eswar Prasad said: “It is not unreasonable to envision a world in which the overwhelming share of commodity contracts, especially for oil, are no longer denominated just in dollars.”

But “the yuan’s role in global finance will ultimately be determined by the degree of commitment of Xi Jinping’s government to economic and financial market reforms.”

Since the 1970s, the global oil trade has almost entirely been conducted in US dollars. The largest energy consumer, China, is interested in having oil contracts in yuan. Beijing plans to introduce its own oil benchmark which will rival Brent or West Texas Intermediate. Analysts say Chinese authorities will need to first convince large oil producers and consumers to use the yuan and invest in the Shanghai benchmark.

Venezuela ditches dollar for oil payments to dodge US penalties https://t.co/3erdJBw6yM

— RT (@RT_com) September 14, 2017
The Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold earlier this year. The contract will enable the country's trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.

The new benchmark will reportedly allow exporters, such as Russia, Iran or Venezuela to avoid US sanctions by trading oil in yuan.

In September, Venezuela ditched the greenback for oil payments. Caracas has ordered oil traders to convert crude oil contracts into euro and not to pay or be paid in US dollars anymore. The measure followed the rolling out of sanctions by the United States against the country.

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  Petrodollar end looming as China & allies dump it in oil trading - Jim Rogers

https://www.rt.com/op-edge/408006-china-oil-petro-yuan-russia/


Putin’s revenge may see petro-yuan replace petrodollar

Bryan MacDonald is an Irish journalist based in Russia.
Published time: 27 Oct, 2017 17:07 Edited time: 28 Oct, 2017 12:18
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© Alexei Danichev / Sputnik
The key to the coming petro-yuan lies in Moscow. And, if the Chinese currency eventually succeeds in usurping the long-standing petrodollar, Washington will only have itself to blame.
News that China plans to launch a yuan-denominated oil futures contract by the end of this year has come as a surprise to many analysts. However, Russia experts aren’t startled in the slightest because this move has been coming since Moscow abandoned its quarter-century attempt to integrate with the West, following the 2014 Ukraine crisis. A catastrophe which the Kremlin blames on the United States and the European Union, as part of what it considers to be an attempt to reduce Russian influence in its "near abroad.”

READ MORE: US ‘Empire of Debt’ will go to war to stop emergence of petro-yuan – Max Keiser

Beijing’s scheme aims to shift trade in “black gold” from petrodollars to a proposed petro-yuan. Which benefits China by making its currency more attractive internationally and providing greater energy security. However, the biggest winners may well be in Moscow. Because any decline in the dollar’s status severely dilutes Washington’s ability to wage economic war against Russia, via sanctions.

As the world’s biggest petroleum producer, Russia is vital to Beijing’s project. And, in turn, as the planet’s largest crude importer and most sizable economy (measured by purchasing power parity), China is the only country with the heft to challenge American financial hegemony.

Of course, Vladimir Putin and Xi Jinping can’t achieve their aims alone. Because if the petro-yuan is to succeed, other leading oil-drilling nations, will need to come on board. And, while Iran, Indonesia, and Venezuela have indicated their interest in the project, the key is tempting the Arab states to trade in yuan. And this essentially means Saudi Arabian cooperation is the big prize.

Read more
Saudi King Salman's Moscow visit could create new Middle East dynamic
Plan of Action
Because, after all, the petrodollar was born in Jeddah in 1974, when the US Treasury Secretary William Simon convinced the Saudis that America was the safest place to park their oil revenue. And this cash flow has allowed the US to live beyond its means for decades.

However, in recent years, relations have become frayed, with Washington’s support for its fracking industry crushing petroleum prices and causing severe fiscal pain for the Saudis. Indeed, the primary reason for Riyadh’s developing detente with Russia has been a mutual desire to prevent a further slide in energy earnings. As a result, earlier this month, King Salman made a historic visit to Moscow, where the yuan plan was surely on the agenda.

Informed analysts insist the Saudis will have to come on board: “I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," Carl Weinberg, chief economist and managing director at High-Frequency Economics, told CNBC.

The Masterplan
The roots of the petro-yuan lie in a series of "color revolutions" in the former USSR, which convinced Moscow that the West would never treat it as an equal partner. This culminated in a March 2014 speech, in the Kremlin’s majestic Georgievsky Hall, where Vladimir Putin addressed over 1,000 Russian dignitaries. But this was no ordinary keynote. Because tensions between Russia and the West were at levels not seen since the Cold War.

Just a few weeks previously, Ukraine’s government had been violently removed and, amid the chaos, Moscow had hastily moved to reabsorb its “lost province" of Crimea. A strategically important peninsula, which had been controversially transferred to Kiev in 1954, when the two formed a union-state. At the same time, pro-Russian protests raged in the eastern Ukrainian cities of Donetsk and Lugansk.

Read more
'A US trade war with China will end US monopoly on global financial system’ – Jim Rogers
Back then, a stern Putin memorably said: “if you compress the spring all the way to its limit, it will snap back hard. You must always remember this.”

Indeed, ever since the United States imposed anti-Russia sanctions, first in 2012, ostensibly due to death of an accountant named Sergey Magnitsky, and the European Union, in 2014, in response to the Ukraine crisis, Moscow has been searching for ways to push back at the coercive measures.

The retaliation toward the EU was relatively straightforward: a food import ban, which has had the positive side effect of significantly boosting the domestic Russian agriculture industry, after initially contributing to inflation. However, due to a much smaller interdependency in trade, it’s proved harder to get even with Washington. Until now that is.

There is little doubt Moscow is hoping to engineer a US economic crisis to cripple its perpetual foe. Indeed, as CNBC also notes: “Russia and China have sought to operate in a non-dollar environment when trading oil. Both countries have also increased their efforts to mine and acquire physical gold if, or perhaps when, the dollar collapses.”

If the Saudis don’t play ball, they risk losing further market share. Especially, after new gas and oil pipelines from Russia to China begin operation next year. And there’s also the prospect that Chinese investors could boycott the IPO of state behemoth Saudi Aramco next year.

Meanwhile, there are high expectations for the petro-yuan. Because anything that weakens the American ability to wage economic war, and destabilize the Eurasian space, is a major win for the Kremlin. Furthermore, Putin may also consider the end of dollar dominance to be an important part of his legacy as he prepares for a likely final term as Russian President.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.

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[我爸是李肛=Ass Loong]

1B1R Pakistan also joined China to fuck Dotard-Dollars!

https://www.rt.com/business/413608-pakistan-chinese-yuan-bilateral-trade/



Pakistan considers dumping dollar for yuan in trade with China
Published time: 19 Dec, 2017 10:00 Edited time: 19 Dec, 2017 10:58
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© Global Look Press
The government of Pakistan is considering a proposal to start using the Chinese yuan in trade with China, according to the Interior Minister Ahsan Iqbal, as quoted by Pakistan’s English-language daily Dawn.
“We are examining the use of yuan instead of the US dollar for trade between the two countries,” the minister told the media after the official launch of the Long Term Plan (LTP) for the China-Pakistan Economic Corridor (CPEC).

Nightmare before Christmas for petrodollar? Yuan-priced crude futures due to launch https://t.co/IwJCBOoCYdpic.twitter.com/mnZNLnMI5y

— RT (@RT_com) December 18, 2017
Bilateral trade between Pakistan and China was worth $13.8 billion in 2015 to 2016, a decade after the countries signed a free trade agreement. Pakistan will continue to use the rupee domestically, according to Iqbal.

The LTP includes cooperation between the countries in energy, information network infrastructure, road and rail connections, trade and industrial parks, tourism, agriculture, and poverty alleviation. The plan will be implemented in three phases, the first ending in 2020, followed by another in 2025, with completion in 2030.

Iran & China seek to throw US dollar out of bilateral trade https://t.co/6NrjiBQnTJpic.twitter.com/XW2Yvqs6Sj

— RT (@RT_com) December 5, 2017
Under the plan, the countries intend to develop multi-level cooperation and strengthen policy coordination, as well as establish and improve the cross-border credit system and financial services. Karachi and Beijing are also planning to enhance currency swap arrangements and create a bilateral payment and settlement system.

China set to roll out petro-yuan before year end, dollar dominance demise looms? https://t.co/TiaiXjIB0Npic.twitter.com/iqmm0FRvKr

— RT (@RT_com) October 28, 2017
Earlier this year, China pledged to invest $57 billion in Pakistan to fund the CPEC project as part of its “Belt and Road” initiative, which aims to build a ‘New Silk Road’ of land and sea trade routes across more than 60 countries in Asia, Europe, and Africa.

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• [URL='https://www.rt.com/business/403293-venezuela-ditch-dollar-oil-contracts/']Venezuela ditches dollar for oil payments to dodge US penalties [/URL]

 

[Buayak_sg]

https://www.rt.com/business/414061-china-russia-oil-dollar-yuan/

Russia & China to kneecap petrodollar in 2018 predicts Saxo Bank
Published time: 23 Dec, 2017 13:46
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© Jason Lee / Reuters
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The world’s largest crude oil importer China is likely to roll out the petro-yuan next year predicts Saxo Bank. Beijing’s largest oil supplier Russia would gladly accept the yuan to phase out the dollar in trade with China.

Read more
China's launch of 'petro-yuan' in two months sounds death knell for dollar's dominance
“China is by far the world’s largest oil importer, and many producer nations are already more than happy to transact in yuan terms. With the US’ global power and reach waning, and given the success of CNY-based commodity futures in general, the Shanghai International Energy Exchange’s decision to launch a yuan-based crude oil future is a runaway success,” reads one of Saxo’s ‘outrageous’ predictions for 2018.

Saxo Bank expects the Chinese yuan-denominated oil contract to be “a move with tremendous geopolitical and financial consequences.”

The US West Texas Intermediate and European benchmark Brent have a joint daily turnover of more than two billion barrels or 20 times the total daily world oil demand. However, the US WTI oil standard is losing its role in the oil market, notes Saxo.

“China, meanwhile, has already become far and away the world’s largest crude oil importer and many key exporters – led by Iran and Russia – are more than happy to transact in yuan terms,” the bank’s analysts conclude.

Saxo expects the Chinese oil contract to become “a raging success,” while the yuan is set to appreciate 10 percent against the dollar, taking the dollar-yuan exchange rate below 6.0 for the first time.

 

[chonburifc]

Say goodbye to Sinking land status as biggest oil trading hub in asia.

Many peasants going to be jobless soon. Bedok reservoir will be very crowded.

 

[PAP_Junta]

USD collapse like USA bridge:

 

[motormafia]

http://mil.news.sina.com.cn/china/2018-01-02/doc-ifyqcwaq6838532.shtml

外媒称巴铁打算弃美元改用人民币 巴网民评论亮了
外媒称巴铁打算弃美元改用人民币 巴网民评论亮了

0

　　自2016年11月30号起，中国加快了使用人民币与其他国家进行交易结算的步伐，让人民币成为继美元和欧元之后的第三种全球储备货币。近日国外媒体报道称，巴基斯坦政府考虑在与中国进行双边贸易时，以人民币取代美元做为结算货币。

　　据公开资料显示，2015年至2016年巴基斯坦和中国的双边贸易额达到138亿美元。未来中巴两国还会在更多的领域进行合作，一旦用人民币进行结算对于两国都能带来巨大的实惠。

　　该消息一出就引起大量巴基斯坦人的热议，有巴基斯坦网民很好奇巴方哪来的那么多人民币：“目前我们对中国的出口贸易呈现逆差，差不多有80亿美元，我们如何才能挣到如此多的人民币来进行结算？”

　　更多的人还是支持这项措施：“巴基斯坦的卢比应该被废除，中国的人民币应该成为巴基斯坦的官方货币。”，“从长远来看，以这种方式做生意将被证明是正确的。”

　　也有的巴基斯坦网民好奇为何不使用其他货币，有人解释道：“也许有人会提到日元，但日本200%以上的债务问题，以及中国成为日本最大银行的单一最大投资者时就已经说明了一切。人民币是一种很好的货币，而且它们肯定比印度卢比和巴基斯坦卢比要好得多，后两种货币离成为世界级货币还差十万八千里。”，“尽管美元也是个选择，但中巴两国之间每100美元的交易都需要支付给美国一定的佣金。中巴未来将产生40亿美元以上的贸易，并以每年120至160亿美元的速度保持增长，因此继续用美元来结算将是个巨大的负担。而选择人民币将省下一大笔钱，还不会遇到什么难题。”

　　还有的巴基斯坦网民看到一些不实的评论后非常丰愤怒：“为什么你们要让巴基斯坦人民觉得好像有什么事要发生了？什么都没有发生，中国只是希望确保钱能被正确地使用，就只是这样而已，中国盼着巴基斯坦越来越好。所以，请不要试图激怒巴基斯坦人民。谢谢”

　　凭借中巴之间的友谊，巴基斯坦使用人民币进行结算，最后获得的将是一笔丰厚的报酬，毕竟光中巴经济走廊就让巴基斯坦笑的合不拢嘴。（作者署名：前沿哨所）

 

[我爸是李肛=Ass Loong]

https://www.rt.com/business/414997-pakistan-china-yuan-trade/

Pakistan brings Chinese yuan on par with US dollar for investment & trade with Beijing
Published time: 4 Jan, 2018 15:22 Edited time: 4 Jan, 2018 19:34
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© Thomas White / Reuters
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Pakistani companies have been given a green light to use the Chinese yuan in trade with Beijing, which could potentially sideline the US dollar and other currencies used there. The move coincides with a US-Pakistan aid row.
The State Bank of Pakistan (SBP) said it “has taken comprehensive policy-related measures to ensure that imports, exports and financing transactions can be denominated in CNY,” according to a statement issued late on Tuesday. CNY is now effectively on par with the US dollar, euro and other international currencies in the country.

Read more
Pakistan considers dumping dollar for yuan in trade with China
Companies are free to engage in CNY transactions with immediate effect. “SBP has already put in place the required regulatory framework which facilitates use of Chinese yuan in trade and investment transactions,” the bank said.

It also noted the “growing size of trade and investment” between Pakistan and China under the China-Pakistan Economic Corridor (CPEC) agreement. The use of yuan will further boost bilateral trade and “will yield long-term benefits for both [of] the countries,” the bank added.

While Islamabad and Beijing had already been considering ditching the US dollar for yuan in bilateral trade for some time, the announcement comes at a particularly low point in US-Pakistani relations. US President Donald Trump has vowed to halt US aid to the country, stating in a recent tweet that Washington has “foolishly given Pakistan more than $33 billion in aid over the last 15 years, and they have given us nothing but lies and deceit.” Trump has been repeatedly accusing Islamabad of providing a “safe haven to the terrorists,” referring to Taliban militants.

The US administration subsequently confirmed that it would further withhold $255 million of military aid to Pakistan. Islamabad has expressed “deep disappointment” over Washington’s decision, while describing Trump’s remarks as “completely incomprehensible.”

 

[我爸是李肛=Ass Loong]

https://www.rt.com/business/419820-russia-outpaces-china-gold/

Russia overtakes China in gold reserves race to end US dollar dominance
Published time: 26 Feb, 2018 09:47 Edited time: 26 Feb, 2018 09:58
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© Pavel Lisitsyn / Sputnik

• 1894

The Central Bank of Russia (CBR) boosted its holdings of gold by almost 20 metric tons last month, with reserves reaching 1,857 tons. It has increased its holdings every month since March 2015.
Russia is now among the top five gold holders after surpassing China, which reportedly holds 1,843 tons. Over the last 15 years, Moscow and Beijing have been aggressively accumulating gold reserves to cut their dependence on the US dollar.

“Interestingly, both Russia and China publicize and promote their accumulations of gold and publicly refer to gold as a strategic monetary asset. They make no secret of this. But on the flipside, the US does the opposite, and constantly downplays the strategic role of gold,” Singapore’s BullionStar precious metals expert Ronan Manly told RT in December.

The US claims to be the largest holder of gold with 8,134 tons, but according to Manly, that number is impossible to verify.

“The entire story around the US gold reserves is opaque and secretive. There has never been a full independent audit of the US gold reserves, and the custodians of the gold, the US Mint and the Federal Reserve of New York, will not let anybody into the vaults to view the gold or to count it,” Manly told RT.

Germany is in second place with 3,374 tons, but a large portion of its gold reserves are still held in the US. As of last year, Bundesbank has only been able to repatriate 674 tons of gold kept in Paris and New York since the Cold War. Over 50 percent of Germany’s gold reserves are now in Frankfurt. The remainder is stored in London and New York.

The International Monetary Fund (IMF) owns 2,814 tons of gold. France is the fourth-biggest bullion holder.

The CBR has more than doubled the pace of its gold purchases, according to Gold.org data. It has been increasing the country’s gold reserves to meet the goal set by President Vladimir Putin to make Russia less vulnerable to geopolitical risks. The Russian gold hoard has increased by more than 500 percent since 2000.

Russia is also the third-largest producer of the precious metal. The government has purchased two-thirds of all the gold mined in country, buying it from local banks, as the Kremlin sees the precious metal as a safe haven at a time of geopolitical turbulence.

Reserve diversification is one of the primary reasons Russia buys gold, according to the CBR.