Russia Makes Oil to Gold

Politics ♦ Published: February 12, 2013; 23:10 ♦ (Vindobona)

In the last decade, Russia´s government has transformed the oil exports into gold reserves. No other country has bought more gold in the last years.

Russia Makes Oil to Gold / Picture: ©

After the national bankruptcy in 1998, Russia has built up enormous gold reserves. According to the IMF, Russia has enlarged its gold reserves by more than 570 tons in the last ten years. As Russia is currently the world´s biggest oil exporter, the country could transform the proceeds from the nationalized energy industry into gold reserves. In future, Russia wants to cover 10% of its…