Pravda.ru / Russia

Russia's gold reserves have become the "magic wand” with the help of which Russia easily survived the "hellish” sanctions of the West and achieved economic growth. The West admires Russia's policy of pegging the ruble to gold The Russian economy showed unprecedented growth of 3.6 percent in 2023 against the backdrop of more than 16,000 sanctions, as well as huge expenses for carrying out the special military operation in Ukraine. Russia's GDP is to grow by another 2.6 percent in 2024, the IMF said. Russia has been able to achieve that with the help of its "gold strategy,” The Conversation. com website said. The strategy is about pegging the ruble to gold and liberalising gold trade.

The voter turnout in the Russian presidential election set a new record as it amounted to 77.44 percent, Ella Pamfilova, the chairwoman of the Central Election Commission said. More than 87.113 million voters took part in the Russian presidential election. "Precinct election commissions across the country have completed their work. 99.74 percent of ballots have been entered into the state automated system, so we can fully summarise the results of the presidential election,” she said.

Russia is holding its first-ever three-day presidential election on March 15-17. First polling stations opened in the Far East at 23:00 Moscow time. As many as 112.3 million Russians can cast their vote in the election, the Central Electoral Committee said. There are four candidates competing for the post of the head of state: Vladimir Putin, current president; Leonid Slutsky, LDPR leader; Nikolai Kharitonov, candidate from the Communist Party of the Russian Federation; Vladislav Davankov, Deputy Chairman of the State Duma, New People party. Vladimir Putin The sitting head of state, Vladimir Putin, is running for election as a self-nominated candidate. In case of victory, it will be Putin's fifth term. Vladimir Putin first took office as President on March 26, 2000, when Boris Yeltsin resigned.

On Thursday, February 29, Russian President Vladimir Putin delivered his annual Address to the Federal Assembly. In the beginning of the speech, he touched on the topics of the special military operation in Ukraine, relations with the West, strategic stability, and later proceeded to announce a number of new national projects, changes in economic and social sphere. About special military operation Putin recalled that 2024 marks the tenth anniversary of the "legendary Russian Spring.” "The love that the people living in Crimea and new regions share for their homeland evokes pride," Vladimir Putin said.

In 2023, central banks around the world purchased significant amounts of gold. China's activity in this area was particularly noticeable as the nation's gold reserves increased by 225 tons over the year. An article published on Chinese Internet platform Baijiahao says that Russia actively participated in the gold rush to increase its precious metals reserves. As a result, Russia's gold reserves reached a record 2.36 thousand tons. Russia is thus ranked fifth following the USA, Germany, Italy and France.

Kremlin's official spokesman Dmitry Peskov gave an interview to the MGIMO 360 news channel, in which he answered questions about the presidential election, Russia's nuclear rhetoric and enemies. According to Peskov, Russia's next president should be "the same as [Vladimir] Putin… or different, but the same." "Putin has not announced his intention to run. But I sincerely want to believe that he will do it. I have no doubt that he will win the election, I have no doubt that he will continue to be our president. We'll see," Peskov said.

On Tuesday, October 17, the Russian Parliament, the State Duma, gave the first reading to the draft law to revoke the ratification of the Comprehensive Nuclear Test Ban Treaty (CTBT). Commenting on the vote on the bill, Duma Speaker Vyacheslav Volodin wrote that the withdrawal of the ratification should "contribute” to ensuring Russia's security against the backdrop of the US refusal to ratify the CTBT. "Washington should finally understand that hegemony on their part does not lead to anything positive. There is a need for dialogue on the principles of mutual respect, absence of double standards, and non-interference in the affairs of sovereign states. The Russian Federation will do everything to protect its citizens and ensure that global strategic parity is maintained," Vyacheslav Volodin wrote on Telegram.

Starting from May, Russia may start buying foreign currency for its reserves again. The country's budget has stabilized thanks to the growth of oil and gas export revenues, Bloomberg reports. The growth in revenues from the sale of energy products is already close to the target level. Since February of this year, the Russian Ministry of Finance has been selling reserves in Chinese yuan to cover the budget deficit. In April, sales collapsed by 50 percent compared to the beginning of the year. From May, purchases are likely to begin, Bloomberg notes. Such purchases can be relatively small at first — an equivalent of about $200 million in yuan. For the time being, Russia currently replenishes the National Welfare Fund only by purchasing Chinese currency.