Putin Stockpiling Gold as Russia Braces for Economic War

Russia has snapped up 55 tons of gold in the three months ending in September as it looks to offset economic sanctions from the West.

According to the Telegraph:

Vladimir Putin’s government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble.

Russia’s currency has come under intense pressure since US and European sanctions and falling oil prices started to hurt the economy. Revenues from the sale of oil and gas account for about 45pc of the Russian government’s budget receipts.