“The Russian government has purchased two-thirds of all the gold mined in country, buying it from local banks to add to reserves as the Kremlin sees the precious metal as a safe haven at a time of geopolitical turbulence.  Russia is the largest gold buyer in the world, and purchases by Russian banks have increased substantially in recent years.  The biggest buyers are VTB24, Sberbank and Gazprombank. All three banks have registered at the Shanghai precious metals exchange. In April, VTB announced plans to sell up to 100 tons of gold to China annually. Reserve diversification is one of the primary reasons driving Russia to buy gold, according to the Central Bank.”

Read more: https://www.rt.com/business/417592-russian-banks-gold-purchases/

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