Russia Ramps Up Gold and Foreign Currency Purchases, Shifting from US Dollar Reliance

• Russia will more than double its purchases of gold and foreign currencies in April to the equivalent of $2.6 billion • This move is part of Russia's strategy with BRICS to shift away from reliance on the US dollar • Russia was a net seller of foreign currencies in March, but will be closer to net zero interventions in April • Russia and China have been driving increased global gold acquisition, pushing prices to record highs • Decreasing demand for the US dollar globally long-term is expected due to rising US debt and countries shifting to alternatives