A Russian Treasury representative said that the gold sale was an anti-crisis measure, meant to help ease Russia’s budgetary constraints. The ministry, he added, does not plan other more gold sales in the near future.
Russian Finance Minister Alexei Kudrin originally announced the plan in November, saying that the government will buy $1 billion-worth of rough diamonds from diamond giant Alrosa by the end of 2009. Alrosa struck a $1 billion deal with Gokhran in early December.
In a statement made prior to the deal's announcement, Kudrin said the gold sale would support miners and the regional budgets. He also said that the proceeds would be used to buy other resources, such as rough diamonds.
Gold prices have reached all-time highs recently, trading at over $1,100 an ounce.
By: Sharon Gilad
