The State Duma in the first reading approved a bill recognizing state secret information on the size of Russia’s gold reserves and foreign exchange reserves.
The document, developed by the Ministry of Economic Development, was submitted to the Duma on June 10. It proposes to edit Article 7 of the law “On State Secrets”, which lists information that is not subject to classification, and remove the mention of Russian gold and foreign exchange reserves from there.
The draft law also provides for relaxations for the corporate sector in terms of issuing and servicing securities.
The authors of the document believe that all this is necessary “in order to reduce the negative consequences of unfriendly actions of foreign states and international organizations.”
The Central Bank continues to publish information on the total amount of international reserves on a weekly and monthly basis. As of May 27, they amounted to $589.6 billion. At the same time, it was decided not to publish information on asset management in foreign currencies and gold in the public domain.
The last time the Bank of Russia disclosed data on monetary gold reserves was in early February. Then there were 73.9 million ounces (about 2.3 thousand tons).
As of the end of 2021, 21.5% of the reserves were held in gold in Russia, almost 34% in euro assets, about 11% in dollar assets, 17.1% in yuan, the rest in pounds, yen and other currencies.
After the invasion of Russian troops in Ukraine, Western countries froze $ 300 billion of Russia’s foreign exchange reserves. Now the European Union is considering the possibility of a ban on accepting Russian gold.