Soaring prices add over $216 billion to bullion holdings since 2022, the outlet has calculated
Russia has benefited from a surge in gold prices since the escalation of the Ukraine conflict, earning windfall gains comparable to the value of the country’s sovereign reserves frozen in the West, Bloomberg reported on Tuesday.
The Bank of Russia’s gold holdings have gained over $216 billion since February 2022, calculations show.
Western countries froze about $300 billion in Russian central bank assets as part of Ukraine-related sanctions. The majority of the funds are held at Belgium-based depository Euroclear. The EU has been debating using the…
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