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The Russian government has drastically reduced their holdings of United States Treasury bonds, with Russian ownership of U.S. bonds declining from $96.1 billion in March to $48.7 billion in April—and then further reducing their holdings to just $14.9 billion in May; an 11-year low. In 2010, Russia was among the top 10 holders of US Treasuries at $176.3 billion. Russia has been buying large amounts of gold during its gradual sell-off of U.S. Treasury bonds, and it recently overtook China as the world’s biggest holder of gold with $80.5 billion worth.