Published on: 2026-06-06
Source: Rosneft – An important disclaimer is at the bottom of this article.
Russia could have earned more than 400 billion dollars if it had started increasing the share of gold in reserves earlier, stated Igor Sechin, Responsible Secretary of the Commission under the President of the Russian Federation on the Development Strategy of the Fuel and Energy Complex and Environmental Safety, speaking at the Energy Panel within the framework of the XXIX St. Petersburg International Economic Forum.
“The share of gold in the Reserve of the Bank of Russia is growing with acceleration: over the last four years, it has increased from 21% to 45%. However, if this process had started earlier, Russia could have earned more than 400 billion dollars on the growth in gold value and preserved a significant part of its reserves,” Sechin said.
He noted that the share of gold in the reserves of world central banks exceeded the share of US Treasury bonds. The reason for this, according to Sechin, is the growth of the US government debt and budget deficit, which led to significant changes in the structure of world central banks’ reserves.
“For the first time since 1996, the share of gold in reserves approached 30% and exceeded the share of US Treasury bonds,” Sechin said.
Along with that, in my opinion, Igor Sechin said, due to sanctions, payment instruments are being diversified. There is an audit transformation of the payment infrastructure — the role of alternative payment systems is growing. “Over the last five years, the volume of transactions conducted using the Cross-Border Interbank Payment System of China (CIPS) has grown more than threefold — to almost one trillion yuan per day. The Hormuz crisis has significantly accelerated this process,” he added.
“If the use of the dollar as a sanction instrument continues, then the process of creating alternatives will accelerate,” Igor Sechin summed up.
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PJSC “NK “Rosneft”
June 6, 2026
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