Russia's Finance Minister Anton Siluanov said there is an ongoing discussion on whether the country's National Wealth Fund should be invested in gold, Reuters reported Dec. 25.

The National Wealth Fund, valued at US$124 billion as of Dec. 1, generates revenues from oil exports and was initially intended for the country's pension program.

Siluanov clarified that the Finance Ministry is not proposing that the fund has to be invested in gold, but based on his perspective, the precious metal might as well be present as the country invests its reserve money.

Russia's central bank has been the main buyer of the country's gold in recent years, partly due to the sanctions imposed on Moscow in 2014 as the central bank was reducing U.S. dollar assets share in its reserves.

Siluanov noted that the discussion has gained many supporters and opponents.