In a report by Reuters, it was noted Ukraine claims to have sold $12.4 billion of the nation’s gold reserves since February, however one precious metals expert has called the claim into question.

Katerina Rozhkova, first deputy head of the National Bank of Ukraine, reportedly said, “We are selling [this gold] so that our importers are able to buy necessary goods for the country.” Reuters noted the gold was not being sold to support the nation’s currency, the hryvnia.

However one expert has questioned how it could be possible Ukraine could be selling so much gold. Precious metals expert, financial commentator, and stock broker Peter Schiff described the sale as “murky” in an article on his website, Schiffgold.com.

Schiff cited data from the World Gold Council, which showed that when Russia launched its military operation, the National Bank of Ukraine held approximately 27 tons of gold, the total value of which would have been $1.7 billion dollars. Schiff noted that is a far cry from the $12.4 billion in gold Ukraine claims to have sold. Schiff noted the amount sold was equal to more than seven times the nation’s total bullion holdings.

Schiff postulated the nation might have been selling additional gold it had acquired from domestic commercial banks or other institutions, or that other countries or private entities had given Ukraine the gold to support its war operations. However the question would remain of who had so much gold, and could allocate it in secret. Presumably governments would have to publicly clear the release of national reserves to a foreign country.

Ukraine has been having difficulty funding its government since the war with Russia began. The country’s GDP has been estimated to drop 30% this year, and the nation has requested two year extensions in the deadlines for its foreign debt repayments from its creditors.