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London blocks Russian gold, Moscow has $140ml 'worthless metal'

2022-03-20 16:05:24Biznes SHKRUAR NGA REDAKSIA VOX

London blocks Russian gold, Moscow has $140ml 'worthless metal'

Russia owns about $140 billion in gold reserves, becoming one of its largest reserves.

But in light of the sanctions and the increased cost of the war in Ukraine, Moscow is not finding buyers for this precious metal.

Major countries and companies are refusing to take Russian gold for fear of Western sanctions.

Large reserves of precious metal were created over the past 15 years in order to be a kind of economic guarantee for the country.

But, as with oil, sanctions are making it extremely difficult for Russia to exploit these reserves.

"That's why they bought their gold, it was about a situation like this," Cork University Business School lecturer Fergal O'Connor told Bloomberg. "But if no one buys it, gold doesn't get worthless," she added.

Last week, london's gold market, the world's most important centre for it, banned all exchanges from Russian refineries, effectively shutting it down from global trade.


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