Vladimir Putin Gold Quotations

We can tell the general public that the gold and foreign currency reserves of the Central Bank are not designed to finance the economy, but rather to ensure foreign trade turnover. Therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as Russia's for a period of at least three months.

When we talk about the Far East we usually mean the Far East itself, including Primorye Territory, Khabarovsk Territory, Kamchatka, and Chukotka, as well as Eastern Siberia. All this area contains tremendous resources, including oil and gas, 90 percent of Russian tin, 30 percent of Russian gold, 35 percent of forest, 70 percent of Russia's fish is harvested in the local waters.

I have criticized it [Europe], but I repeat: we keep 40 percent of our gold and foreign currency reserves in euros, we are not interested in the collapse of the Eurozone, but I do not rule out the possibility of decisions being made that would consolidate a group of countries equal in economic development and this, in my opinion, will lead to a consolidation of the euro. But there can also be some interim decisions in order to keep the present number of members of the Eurozone unchanged.

This is also evident in Europe, not the dependence on oil and gas, but the fact that structural reforms are long overdue, and I think that the leading economies are very pragmatic and efficient in addressing the issues facing the European economy. That is why we keep approximately 40 percent of our gold and foreign currency reserves in euros.

Therefore today we have an absolutely sufficient level of gold and foreign currency reserves in order to ensure economic stability and sustainable foreign trade turnover.

If everything stops functioning our level will be able to ensure our trade turnover using its gold and foreign currency reserves for at least six months or more, which is more than enough.

All issues - purchasing and selling of currency - are related to the regulation of the national currency market. However, it is still difficult to say what will be the reaction of the Central Bank and if it would lead to increasing the gold and foreign currency reserves.