Russia has enough gold reserves in mines to last for approximately 40 years, according to Alexander Kozlov – head of the Ministry of Natural Resources in Russia.

Speaking to the Izvestia (English: Herald) broadsheet newspaper, Kozlov said: “Russia is first in the world in terms of gold reserves (13%) while, in terms of production, third, after China and Australia. The country's supply at the current level of output is about 40 years”.

The proclamation comes around the same time that President Putin (pictured above) fired a warning the way of US President Biden ahead of their imminent meeting on June 16 in Geneva – set to occur shortly after the G7 Summit in Cornwall, England.

The meeting will be the first between the two leaders, and President Putin returned to the same thread that he once criticised former US president Barack Obama over: sanctions. Russia has been targeted by US sanctions for a number of years now; initially due to trade in the Middle East but since 2014 because of the annexation of Crimea from neighbouring Ukraine.

In his most recent statement, President Putin stated that he didn't want Russia to abandon the US dollar entirely and cautioned America that this could rebound on them.

“The problem with empires is that they think they can afford small errors and mistakes” said Vladimir Putin in a press statement. “There comes a time when they can no longer be dealt with. And the U.S., with a confident step, a confident gait, a firm step, is walking straight along the path of the Soviet Union.”

During the course of Vladimir Putin's tenures as president and prime minister, Russia has pursued a policy of reducing its US dollar reserves and converted to a mixture of gold, Euros, and Chinese Yuan. Gold buying has stopped due to Covid but Russia, along with China, are expected to lead the way once more in the next few years for central bank buying.