A South Korean salvage team has discovered the wreck of Russian warship Dimitrii Donskoi, 113 years after it sank.
The warship was scuttled off the island of Ulleungdo in 1905 to stop it falling into Japanese hands following the battle of Tsushima during the Russo-Japanese War.
The Donskoi is believed to have been carrying the gold supplies of the entire Second Pacific Squadron when it sank, which would be worth $133billion at today's prices.
A Russian campaign group has since demanded that the entire fortune be returned to Moscow as a 'goodwill gesture'.
The Donskoi was launched in 1883 and spent most of its life operating in the Mediterranean before being deployed to Russia's Second Pacific Squadron in 1904 after much of Russia's Far Eastern forces were destroyed by Japan.
The warship was guarding transport vessels at the rear of the convoy when it was intercepted by a much larger Japanese fleet in May 1905.
What followed became known as the Battle of Tsushima and was disastrous for Russia, with 21 of its 38 ships sunk and 4,500 killed - compared to just three Japanese ships lost and 117 dead.