UPDATE 1-Russian gold reserves up at 54.9 million ounces as of June 1

 (Adds details, context)
    MOSCOW, June 20 (Reuters) - Russia's central bank, which is
seeking to its international reserves, posted an increase in
gold reserves in May, the fifth consecutive month of gains.
    The central bank, one of the world's largest holders of
bullion, has been regularly buying gold as it wrestles with
weaker oil prices and Western sanctions imposed over Moscow's
role in the Ukraine crisis.
    Russia's gold reserves rose to 54.9 million troy ounces by
early June from 54.2 million ounces as of May 1, the central
bank said on Tuesday.
    The value of its holdings rose to $69.30 billion from $68.65
billion as of May 1.
    Russia's central bank, which usually buys locally produced
gold from Russian banks, has been one of the leading national
buyers of gold in recent years, along with China.

 (Reporting by Polina Devitt; editing by Jeremy Gaunt)