Russia's gold reserves have been growing at a record pace lately. A recent report from the World Gold Council (WGC) said that the Bank of Russia purchased 55.3 tons of gold in the first quarter of 2019 and thus reached the level of 2,168.3 tons of gold. Russia, the report said, has been acquiring gold lately in an attempt to relieve the dependence of the Russian economy on the US dollar in the event the USA imposes more sanctions on the Russian Federation. In 2018, the Bank of Russia also purchased a record amount of gold.