🚨 Urgent | Russia sells a large part of its gold reserves to finance the war in Ukraine
Data and financial reports indicate that the Russian National Wealth Fund has liquidated a significant portion of its sovereign gold reserves to finance the high expenses associated with the war in Ukraine, as sovereign fund stocks continue to decline under financial pressure.
📉 What is happening?
Russia has begun liquidating large quantities of gold in its sovereign reserves to cover war expenses, and the fund's balance has noticeably decreased over the past years.
The sale comes amid economic pressures from Western sanctions and declining energy revenues.
📌 This does not mean that Russia has lost all its gold reserves, as there are huge reserves still held by the Russian central bank, but the shift towards selling reflects tension in financial resources due to the escalating costs of the war.
🔍 What does this mean for the market?
Selling gold from reserves often reflects the financial pressures of the country rather than a traditional reserve strategy, and it may be seen as an indicator of current economic challenges if it continues for extended periods.
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