Russia can’t find buyers for gold reserves

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After Russia’s attack on Ukraine, a new embargo has been added to the Russian products. It has been alleged that some gold refineries in England refused to remelt Russian ingots.

The London Bullion Market Association (LBMA) suspended all Russian refineries from its accreditation list at the beginning of March in order to prevent Russia from selling their gold on the London gold market. With this decision, a de facto ban was imposed on the entry of Russian gold into the London market, where trillions of dollars worth of precious metals are traded every year.

According to Bloomberg’s news, citing sources close to the subject, LBMA has begun to distinguish between pre-invasion metals that it still allows to trade, and Russian gold produced after the invasion. It was stated that the union refused to remelt the ingots produced after the invasion.

LBMA spokesperson said in a statement on the subject that they accepted the gold minted before the decision to suspend the accredited list.

Having the world’s 5th largest gold reserves

Russia is the world’s 5th largest gold reserve with 2,300 tons of gold worth 140 billion dollars. It is the country with gold reserves.

It is stated that the country has accumulated its gold reserves in the last 15 years and this is intended to be a kind of “economic insurance” for Russia.

It is known that with the ongoing war in Ukraine and the sanctions of Western countries, the Russian currency, the ruble, depreciated and fell to record levels, while the demand for gold in the country reached high levels.

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