Newspaper: Russia sanctions spur rethink of dollar and gold

The freezing of Russian assets by Western countries following the start of the war in Ukraine in 2022 has prompted some countries to reassess their reliance on dollar reserves and the storage of gold at Western financial centres, French newspaper Les Echos reports.

“Storing gold for third countries was for a long time the preserve of the Federal Reserve Bank of New York and the Bank of England, which provide access to the most liquid markets on the planet. However, the freezing of the assets of the Central Bank of Russia in 2022 changed the landscape,” the newspaper said.

According to Les Echos, central banks have accelerated efforts to reduce the share of the US dollar in their reserves. At the same time, Western sanctions on Russia have encouraged some countries to repatriate their gold or look for alternative locations to store it.

Against this backdrop, the newspaper said gold has also assumed a more prominent role in economic ties between Russia and China.

By Tamilla Hasanova