Russia's central bank adds 1 mln oz of gold since start of Ukraine war - data
March 23 (Reuters) -Russia's central bank has increased its holdings of gold by one million troy ounces since the start of the war in Ukraine, data published by the central bank on Wednesday showed.
Western sanctions, imposed shortly after Moscow invaded Ukraine, froze about half of Russia's gold and forex reserves and hit the country's main banks which used to be the main buyers of Russian miners' gold, prompting producers to search for new export routes to Asia.
In October, the local association of Russian gold miners called for the government to support the industry with more active purchases, though the central bank rebuffed the calls, saying it saw no need to raise its gold holdings within its reserves.
This week the bank said its gold holdings stood at 74.9 million troy ounces as of March 1, 2023, worth some $135.56 billion - up from 73.9 million ounces on Feb. 1, 2022, when it last disclosed such data.
Russia's central bank and other government departments stopped publishing swathes of data after the West hit Moscow with a package of unprecedented sanctions over the invasion of Ukraine.
In dollar-terms, the bank's gold holdings were up 2.5% over the 13-month period, according to the bank's calculations. Gold accounted for 23.6% of the bank's $574.2 billion total reserves.
Western countries froze about $300 billion - almost half of Russia's reserves at the time - that were held in their jurisdictions at the start of the conflict in a move which few in Moscow predicted the West would make.
Locked out of the dollar and euro, Russia has shifted towards the Chinese yuan as a reserve currency over the last year.
Reporting by Jake Cordell and Polina Devitt, Editing by William Maclean
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.