There is also the possibility that Russia holds more than 2299 tonnes of gold, as additional gold may be being held in both the Russian State Fund of Precious Metals and Precious Stones, operated by The Gokhran (see , and also through Russia’s Sovereign Wealth Fund. In an article on Sunday 27 February, the Financial Times speculates that due to Western sanctions against the Russian central bank, the Bank of Russia might sell gold:
The Bank of Russia appears not to have read the Financial Times, since, Russia just came out on 27 February and will do the opposite of what the FT suggested:
Across the UK, US, and European sanctions, the common theme is freezing of bank assets, blocking the access of Russian banks and Russian companies to Western capital markets, sanctioning Russian government owned companies, banning various Russian banks from the SWIFT system, and attempting restrictive measures against the deployment of Russia’s international reserves. While the “restrictive measures against the deployment of Russia’s international reserves” is interesting and could indirectly cover the ‘deployment’ of gold, given that all of Russia’s gold reserves held in Russian vaults, what exactly would ‘deploying’ mean when applied to the Russian gold?
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