Michael Bernstam reports that the Russian government is effectively replacing lost oil revenue with income from gold sales to cover its budget deficits. After accumulating significant reserves in its sovereign wealth fund, Russia is now selling hundreds o

Michael Bernstam reports that the Russian government is effectively replacing lost oil revenue with income from gold sales to cover its budget deficits. After accumulating significant reserves in its sovereign wealth fund, Russia is now selling hundreds of metric tons of gold at high prices, allowing the state to earn as much from actual gold as it previously did from "black gold" (oil) despite the ongoing war and economic shifts.