Gold Rush: How Russia is using gold in wartime

Table of Contents

• Executive summary 3
• Table of contents 5
• Tables 6
• Figures 6
• 1.1. Gold as a strategic resource in wartime 7
• 1.2. Caveats and limitations 7
• Chapter 1. 7
• Introduction 7
• 2.1. Gold policy before the war 9
• Chapter 2. 9
• Russias gold policy prior to and during the war 9
• By the start of the war comparable to that of France Italy or China. 11
• 2.2. Gold policy during the war 14
• . Rather our view is that different parts of the state are resorting to gold in response to Western economic pressure. 14
• If National Welfare Fund gold is factored into Russias overall reserves including China. 21
• The overall amount of gold held in the Gosfund is undisclosed 22
• It is difficult to use official figures as a reliable guide to Russias gold-related expenditure. It is equally evident that the 25
• 3.1. The role of Russias banks 27
• Chapter 3. 27
• Financing the gold sector 27
• Our research indicates that to the gold sector. 28
• Russias smaller banks have taken on an . 29
• 3.2. Ownership in the gold sector 30
• Rosatoms presence in the development of Baimskoye is indicative of its . 33
• The role of Vladimir Kim and Oleg Novachuk in Russias strategic Baimskoye project represents . 34
• Chapter 1. 35
• Title 35
• Chapter 4. 35
• Gold mining operations and refining 35
• 4.1. Gold mining 35
• 4.2. Gold refining 37
• 4.3. Russias access to mining machinery and equipment 39
• Russias gold miners will therefore need to assess whether their development plans can proceed without access to first-class equipment. 41
• Our research has . 42
• 4.4. Russias influence in foreign gold mining production 43
• Chapter 5. 48
• Russian gold in the global gold trade 48
• 5.1. Gold exports 48
• 5.2. Gold as a form of payment 50
• Russian businesses are involved in 51
• Since Russia has 320 operating banks and 36 other financial institutions . 51
• Chapter 6. 53
• Conclusion and recommendations 53
• Abbreviations 55
• References 56