Source: rt.com
The Russian currency is seeking to compete with the US dollar in trade with the Eurasian Economic Union and CIS countries. The country's central bank says by 2035 the ruble can expand in the EEU, a trade and political bloc uniting Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.
Ruble transactions in the EEU are currently worth the equivalent of $69 billion dollars compared to $18 billion (of dollar transactions and $5 billion in Euros. Over the past six years, ruble settlements have increased from 56% to 75%, while the share of the dollar has decreased from 35% to 19%.
Source: rt.com
The CBR added 300,000 ounces of gold to it reserves in December, bringing the total yearly holdings to a record 1,838 tons. According to statistics, Russia is currently the sixth largest gold owner after the US, Germany, Italy, France and China. According to the World Gold Council, Russia is not only the largest official buyer of gold but also the world's third biggest producer.
With their gold storage, they appear to be well positioned to compete with the dollar.
