(MENAFN) According to a report in the Izvestia newspaper, Russia is reaping the rewards of its substantially increased gold reserves, which had surged to a level not seen in two decades by the close of last year. The data, sourced from the World Gold Council, reveals that as of the end of 2022, Russia held an impressive 2,332 tons of gold in its global reserves, solidifying its position as the fifth-largest holder of gold reserves on the international stage. This ranking places Russia in the company of nations like the United States, Germany, Italy, and France, all of which possess even larger reserves.

The Russian central bank has reported that its foreign exchange reserves amounted to a substantial USD581.6 billion as of the beginning of September 2023. Within this substantial figure, a noteworthy USD144.7 billion was attributed to monetary gold holdings. This increase in gold reserves comes on the heels of a record-high of USD643.2 billion in foreign exchange reserves that Russia had attained just before the onset of the conflict with Ukraine in February of the previous year.

However, it's crucial to note that nearly half of these substantial funds were reportedly frozen by Western central banks in early March of last year as part of sanctions related to the Ukraine conflict. The remaining portion of Russia's holdings consists of gold and foreign currency reserves held domestically, along with assets denominated in Chinese yuan. Moscow has strongly criticized the freezing of its assets, labeling it as "theft," and asserting that it violates international law.

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