this post was submitted on 05 Sep 2024
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Russian wealth fund down to $53.236 billion (interfax.com)
submitted 7 months ago* (last edited 7 months ago) by [email protected] to c/[email protected]
26 comments fedilink hide all child comments
 

To be clear it is not hold in $, but in RMB, gold and rubel. Before the war in held $174billion, so a massive decrease.

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[–] [email protected] 3 points 7 months ago (1 children)

Gold is very near its all-time high. It just set a new all-time high about a week ago

But for russia to sell to someone else that requires trade with a heavily sanctioned country. That's a quick way to get on the "naughty list" and have sanctions applied to yourself too.

[–] [email protected] 2 points 7 months ago

Gold is nothing if not something that can be easily and efficiently smuggled. The gold can be simply re-cast into generic gold bars or minted into back-dated Russian bullion coins. Just one passenger car can smuggle millions of dollars of gold across the border while attracting little scrutiny. From then, it can simply be easily sold to bullion dealers. Then the cash can be ferried back across the border or deposited in accounts at Kremlin-friendly banks.

If you have a network of agents doing this, you could probably offload thousands of ounces worth millions of dollars a month.

There's also the simple option of sending it all to a shady Chinese commodities exchange.