The Central Bank of Russia added 9.3 tonnes of gold to their reserves in August. Russia’s official gold reserves now stand at 1,113.5 tonnes the fifth largest in the world.

Since 2007 Russia has doubled its official reserves and have added to their holding almost every month. The latest figures indicate that the Central Bank of Russia has been buying gold directly from the country’s domestic gold market which averages around 20 tonnes per month.

In 2013 Russia was the world’s third largest producer of gold and many analysts are expecting them to overtake Australia for the number two spot in 2014.

As well as accumulating gold Russia continues to build economic ties with China. Only last month Russian President Putin and Chinese vice Premier Zhang Gaoli announced a significant gas deal, which will involve the construction of a 4,000km pipeline from Russia to northeast China and the delivery of over 4 trillion m3 of gas.