A dialogue [1] between Moscow and Bucharest about the European Parliament’s resolution demanding the return of Romanian gold is impossible due to the politicized nature of the issue, according to Mikhail Shvydkoy, Russian presidential envoy for international cultural cooperation. This statement was made at the St. Petersburg International Economic Forum (SPIEF).
In March 2024, the European Parliament held a plenary session in Strasbourg. It passed a resolution supporting Romania’s request to return its gold and historical archives taken by Russia between 1916 and 1917. To calculate the current value of 120 tons of Romanian gold, we use the latest price of gold, which is $2,385 per ounce. Converting tons to troy ounces, we find 32,150.7 troy ounces in a metric ton. Therefore, 120 tons is equivalent to 3,858,084 troy ounces. Multiplying this by the price per ounce, 120 tons of gold would be worth approximately $9.20 billion at today’s gold prices.
During World War I, in late 1916 [2], Romania, facing the advancing Central Powers, decided to safeguard its national treasure by transferring it to Russia. Over 120 tons of Romanian gold reserves, important historical documents, and cultural artifacts were sent to Moscow for safekeeping. However, following the Bolshevik Revolution in 1917, the new Soviet government seized the gold and archives, refusing to return them. Despite numerous diplomatic efforts over the years, the treasure has remained in Russia.
“We will not engage in dialogue with any unfriendly foreign states under current circumstances. A government commission was established but has not yielded any results yet. I believe this topic should be closed, primarily given the current context. Romania has a solid European stance toward Russia, making any dialogue on this issue impossible. While communication should continue on essential issues, this topic is highly politicized, in my opinion,” stated Shvydkoy. “No matter what Romanian diplomats write or what documents are sent through diplomatic channels, Russia will not take part in this dialogue. Russia owes nothing to anyone,” he emphasized.
The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is “The Formation of New Areas of Growth as the Cornerstone of a Multipolar World.” The event includes meetings for small and medium-sized businesses, creative industries, SPIEF Youth Day, and forums on drug security, SPIEF Academy, and SPIEF Junior. SPIEF is organized by the Roscongress Foundation, with TASS as the information partner.