Russia spent years building a giant stash of gold, an asset that central banks can turn to during a crisis. But any attempt to sell it will now be a challenge just when it’s needed most. Moneyweb UkraineInvasion
Russia spent years building a giant stash of gold, an asset that central banks can turn to during a crisis. But any attempt to sell it will now be a challenge just when it’s needed most. Bank of Russia expanded its gold reserves almost sixfold since the mid-2000s, creating the world’s fifth-biggest stockpile that’s valued at about $140 billion. It’s the type of asset it could sell to shore up the ruble, which has plunged as global economies isolate Russia following its invasion of Ukraine.
Gold attempts In another example of how the West is targeting Russia’s gold trade, the London Bullion Market Association and the CME Group Inc. suspended the country’s refineries from their accredited lists, amounting to a ban on new Russian bars entering the key London and US markets. The LBMA’s suspension of refineries has restricted countries’ access to the market before.