At the beginning of June, Russia’s Finance Minister Anton Siluanov announced that the Russian National Wealth Fund would abandon all U.S.
The new structure of the fund would hold 40% of its assets in euros, 30% in yuan, and 20% in gold.
Prior to this, people would often choose to go into foreign currencies out of fear of the depreciation of their savings and incomes denominated in Russian rubles.
The last time Russia’s central bank bought gold was in the first quarter of last year.