Russia could have earned over $400 bln from rise in gold prices — Sechin

ST. PETERSBURG, June 6. /TASS/. Russia could have earned more than $400 bln from the rise in gold prices and preserved a significant portion of its reserves if it had started increasing the share of gold in the Central Bank’s reserves earlier, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said during a speech at the St. Petersburg International Economic Forum.

"The share of gold in the Bank of Russia’s reserves has been growing at an accelerated pace: over the past four years, it increased from 21% to 45%. However, if this process had started earlier, Russia could have earned more than $400 bln from the rise in gold prices and preserved a significant portion of its reserves," Sechin said.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.