兰德-淘金热：俄罗斯如何在战争中使用黄金（英）

Gold rushHow Russia is using gold in wartimeJohn Kennedy, Elena Grossfeld, Zsofia Wolford, Thomas KenchingtonThis report presents research on how Russia is using gold in the context of its war in Ukraine. It was sponsored by the Sanctions Directorate in the Foreign, Commonwealth and Development Office and completed by researchers from the Defence and Security Group at RAND Europe.The data presented in this report was collected to May 2024. For more information on this publication, visit www.rand.org/t/RRA3230-1About RAND Europe RAND Europe is a not-for-profit research organisation that helps improve policy and decision making through research and analysis. To learn more about RAND Europe, visit www.randeurope.org.Research Integrity Our mission to help improve policy and decision making through research and analysis is enabled through our core values of quality and objectivity and our unwavering commitment to the highest level of integrity and ethical behaviour. To help ensure our research and analysis are rigorous, objective, and nonpartisan, we subject our research publications to a robust and exacting quality-assurance process; avoid both the appearance and reality of financial and other conflicts of interest through staff training, project screening, and a policy of mandatory disclosure; and pursue transparency in our research engagements through our commitment to the open publication of our research findings and recommendations, disclosure of the source of funding of published research, and policies to ensure intellectual independence. For more information, visit www.rand.org/about/principles.RAND’s publications do not necessarily reflect the opinions of its research clients and sponsors.Published by the RAND Corporation, Santa Monica, Calif., and Cambridge, UK© 2024 RAND CorporationR® is a registered trademark.Cover: Adobe StockLimited Print and Electronic Distribution Rights This publication and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorised posting of this publication online is prohibited; linking directly to its webpage on rand.org is encouraged. Permission is required from RAND to reproduce, or reuse in another form, any of its research products for commercial purposes. For information on reprint and reuse permissions, please visit www.rand.org/pubs/permissions.iExecutive summaryGold has become a strategic resource for the Russian state since the invasion of Ukraine. It has a bearing on Russia’s revenue generation capacity and its monetary policy; it is central to Russia’s international campaign for de-dollarisation; it is a major feature of Russia’s engagement in Africa and Central Asia; and it plays an important part in Russia’s wartime trade relations. Russia intends to become the world’s number one producer of gold but there are signs that domestic production is flatlining. However, Russian interests hold sizeable stakes