Russian Finance Ministry Accelerates De-Dollarization with Massive Gold Buy Russia is significantly increasing its gold purchases, leveraging a surge in oil and gas revenue to diversify its financial reserves and reduce dependence on the US dollar. The Russian Finance Ministry plans to allocate 172.9 billion rubles ($1.9 billion) for foreign currency and gold purchases over the next month, representing a sevenfold increase in daily purchases. This move is part of Russia’s ongoing strategy to strengthen the link between the ruble and gold, creating a new gold standard and insulating its economy from US dollar transactions. As the world’s second-largest gold producer, Russia is well-positioned to accumulate the precious metal, with this latest announcement indicating a more aggressive approach to gold acquisition in the coming months. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts 25 Million Borrowers to Receive Student Loan Forgiveness Updates READ MORE Gold Prices Stable Amid High Rates and Dollar Resurgence READ MORE Oil Prices Fall as Global Demand Concerns Eclipse Supply Fears READ MORE Gold Prices Dip in Anticipation of Pivotal U.S. Inflation Report READ MORE Iran’s Strike Against Israel: Gold Nears Record High READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment