Russia dropped to fifth place in terms of gold and foreign exchange reserves – Kommersant
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Russia conceded India fourth place in the world ranking in terms of international assets, follows from the analysis “RIA News” data from national central banks. According to the agency, in May, Russia’s gold and foreign exchange reserves decreased by $11.6 billion, to $584.2 billion.
Russia and India have been competing with each other in terms of international assets since 2015, the agency writes. In that year, the volumes of the reserves of the two countries became as close as possible. However, in the summer of 2021, India climbed to fourth place in the ranking and remained there at the end of the year. In 2022, Russia already displaced India and took fourth place. Then, Russian assets, taking into account those blocked in Western countries, amounted to $540 billion, Indian – $532 billion. But in May 2023, India again took fourth place with assets of $590.7 billion.
The first place in the ranking of countries in terms of international assets is traditionally occupied by China. As of the end of May this year, Chinese assets amounted to $3.371 trillion. In second place – Japan ($ 1.254 trillion), on the third – Switzerland ($886 billion).
The top ten countries, writes RIA Novosti, also include Saudi Arabia ($442.2 billion), Hong Kong ($421 billion), South Korea ($420.98 billion) and Brazil ($343.5 billion). Rounds out the top 10 holders of the largest international reserves as of May Singapore ($325.7 billion).
According to Reuters, recently more and more countries have been repatriating gold reserves due to the sanctions imposed against Russia and the subsequent freezing of its assets. As a result of the sanctions imposed in response to the military operation, up to $300 billion of the $640 billion reserves of the Bank of Russia were frozen.
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