The 1991 Project: December 4-10. Financing Gold in Russia

By Caden Wilcox

Following their articles on gold reserves in the November 17 edition, the English-language weekly paper Moscow News decided to publish an opinion piece on a similar topic in December. Interviewing Yuri Karnaukh, a “pioneer of the Soviet gold trade,” the article conceptualizes the deteriorating economic solvency of the Soviet Union and introduces the emerging monetary system in Russia–instituted and enforced by gold reserves. In this interview, Andrei Borodenkov, the interviewer, notes how the region’s ideological aversion to financial practices is rapidly eroding and that individuals such as Karnaukh are taking steps to connect the massive country with international monetary institutions. In recognizing Russia’s 66% acquisition of Soviet gold capital and the radical practice of strategic asset sale and purchase on turbulent markets, the Moscow News powerfully captures the transformation underway in the Soviet space and simultaneously questions where its economic future may lead.


Borodenkov, Andrei. “The Gambler: Soviet Gold in Zurich,” Moscow News Weekly, No. 49. (1991, December 9). p 10. Retrieved December 9, 2021,

Caden Wilcox is a Sophomore double-majoring in Russian, Eastern European, and Eurasian Studies and Economics.

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