The Russian central bank on Friday dismissed media speculation that gold reserves have been taken out of the country and are being held abroad. Western media began reporting the rumor after the US and EU authorities hinted of possible sanctions targeting Russian gold.
“All the gold from our gold and foreign exchange reserves is in the vaults of the Bank of Russia on the territory of our country,” the regulator stated on its website.
The central bank explained that gold and foreign exchange reserves are a tool with which the regulator can protect the country's economy from external threats. In particular, they can become a source of funds to cover the cost of foreign exchange debt, stabilize the foreign exchange market and help pay for critical imports.
Earlier this month, the US and its allies froze roughly half of Russia’s reserves, worth $300 billion, as part of sanctions over Moscow’s military operation in Ukraine. However, the remainder of the country’s reserves, which includes physical gold, is secure, according to the Bank of Russia.
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