Saved 100 tonnes of gold.

"Chinese companies under investigation by the US government are using shell companies, new names and other legal workarounds to continue doing business in America, according to a recent report." Fox. "As China's big banks withdraw from financing Russia-related transactions, some Chinese companies are turning to small banks on the border and underground financing channels such as money brokers - even banned cryptocurrency - the sources told Reuters." "The US has imposed an array of sanctions on Russia and Russian entities" and "Now the threat of extending these to banks in China - a country Washington blames for 'powering' Moscow's war effort - is chilling the finance that lubricates even non-military trade from China to Russia." CNBC. "India rarely bought Russian oil before 2022 due to high freight costs," but "Russia emerged as India's top oil supplier in 2023. Through term deals and spot market purchases, the South Asian nation imported about 1.66 million barrels per day (bpd) of Russian oil in 2023 compared to an average 652,000 bpd in 2022." BS. "India in April imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier," as "The world's third biggest oil importer and consumer, India raised purchases in April by 13-17% compared to previous months, the data show." Reuters. Given this background, perhaps it is prudent that "The Reserve Bank of India (RBI) has moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24." "As of March 2024, the RBI's gold reserves stand at 822.1 tonnes," of which over 408 tonnes are held at home while 413.79 tonnes are held abroad. "Storing gold internationally comes with risks, particularly during geopolitical tensions. The freezing of Russian assets by Western nations has heightened concerns about the safety of assets held abroad." BT. A good start, but the RBI should move all of our gold to India. That would save a lot of money in fees. But what about foreign currencies and government bonds? As of 12 April the RBI's total Liabilities/Assests amounted to Rs 67.255 trillion, of which foreign currency assets constituted Rs 47.501 trillion. RBI. "As of March 31, 2024, the RBI had invested $240.6 billion in US Treasuries, marking a nearly $20 billion increase between October and March, according to data from the US Department of Treasury." which meant that "with yields rising due to monetary policy tightening - reflecting the higher-for-longer stance of the US Federal Reserve - resulting in substantial interest income for the RBI from foreign assets." rediff.com. "The most notable increase in the central bank's income came from foreign sources, which saw a 71% year-on-year (YoY) rise to Rs 1.03 trillion." This enabled the RBI to pass on an unprecedented Rs 2.1 trillion to the government just before elections. Mint. If sanctions do come, they will not be only on gold, but also on foreign currencies. The RBI may be government property (RBI), but the money is ours. Don't gamble with it.