Starting on October 7, Russia is increasing its purchases of yuan and gold fivefold, to a total of around 279 billion rubles. At almost the same time, however, the Russian National Wealth Fund sold several tons of gold earlier in 2026.
A contradiction? No, quite the opposite.
In this video, I explain why Russia is now actually using gold as a monetary reserve, what role the Russian budget rule plays, and why the combination of Chinese yuan and gold is geopolitically far more interesting than the pure purchase volume itself.
Once again, the dollar has to wait outside.
