Russia could have earned over 400 billion dollars if it had started increasing the share of gold in its reserves earlier, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, speaking at the Energy Panel during the XXIX St. Petersburg International Economic Forum.

"The share of gold in the reserves of the Bank of Russia is growing at an outstripping pace: over the past 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 rise in the price of gold and preserved a significant part of its reserves," said Sechin.

He noted that the share of gold in the reserves of global central banks has exceeded the share of US Treasury bonds. The reason for this, according to Sechin, is the growth of the US national debt and budget deficit, which has led to significant changes in the structure of the reserves of global central banks.

"For the first time since 1996, the share of gold in their reserves has approached 30% and exceeded the share of US Treasury bonds," said Sechin.

At the same time, according to Igor Sechin, payment instruments are diversifying due to sanctions. A transformation of the payment infrastructure is taking place — the role of alternative payment systems is growing. "Over the past five years, the volume of transactions made using China's Cross-Border Interbank Payment System (CIPS) has more than tripled — 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 sanctions instrument continues, the process of creating alternatives will accelerate," concluded Igor Sechin.

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Rosneft Oil Company
June 6, 2026