Part 6/14:
The rationale behind the Russian government’s gold sales extends beyond oligarchic concerns. Russia’s strategic reserves have been a cornerstone of its economic resilience, especially during the prolonged conflict with Ukraine. Historically, Russia had built a significant "war chest" composed of reserves intended to sustain the economy through sanctions and wartime expenditures.
However, the invasion of Ukraine rapidly exhausted these reserves, with half of the planned war reserve frozen almost immediately after hostilities escalated. To cover ongoing costs, Russia resorted to increasingly desperate measures: printing money, raising inflation, and hiking interest rates in an effort to prolong their economic endurance.