>The FX and gold reserves of the Central Bank of Russia increased by $1.2bn or 0.3% to reach $420bn as of August 4, the regulator said on August 10. This marks the higest value of CBR reserves since November 2014.
>Since the beginning of the year the FX/gold reserves gained over 13%, which was also attributed to gold monetisation, revenues from Russia's $3bn Eurobond placement, and Finance Ministry's currency purchases that have already reached $5bn.
>In June, the head of the CBR Elvira Nabiullina told the State Duma that the regulator is ready to increase the FX/gold reserves to $500bn, given favourable conditions such as stable inflation.
>"The floating [ruble] exchange rate allowed us to maintain the safety buffers and we stopped using the FX/gold reserves," Nabiullina said, noting that the reserves had increased to more than $400bn.
>The CBR governor did not provide a timeline for increasing the reserves, noting that this was a long-term goal depending on stability of multiple indicators. Nabulina has said the CBR would like to increase total reserves to $500bn.
http://www.intellinews.com/russia-s-fx-gold-reserves-reach-420-highest-since-2014-127035/
Those 420 billion $ account for their constantly increasing gold reserves which is valued at approx 80 billion $ and the rest is distributed between two big reserve funds. Forgot their names.
And keep in mind they are buying off gold directly from their domestic mines and paying in domestic currency. (80% of its domestic production, 3rd global gold producer behind China and Australia, soon to be 2nd).