The bank plans to upgrade an initial forecast for gold sales to China of 20 tonnes in 2018 as it had already sold 14 tonnes of gold to Beijing in the first quarter alone. In 2017, its supplies to China totalled 5 tonnes of gold.

The bank also plans to supply 25-30 tonnes of gold to India in 2018. Sberbank sold 10 tonnes of gold to India, the world’s second-biggest consumer after China, last year.

At home, Sberbank will keep its 2018 gold purchases flat at 100 tonnes, including 64 tonnes bought from local gold miners.