US Proposes to Block Operations of Bank of Russia with Gold Reserves
Main page News, Russia, US, Central Banks

A group of US senators has recently introduced a bill aimed at limiting Russia's powers to sell gold reserves in order to improve the country's economic situation, Axios has reported.

After Russia started its military operations in Ukraine, the US, EU, UK and Canada limited the ability of the Bank of Russia, the country's central bank, to conduct transactions in the ruble by freezing the regulator's assets outside Russia.

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The central bank's gold and foreign exchange reserves reportedly amounted to $643.2 billion as of June 30, 2021, divided into: euros (32.3%), dollars (16.4%), yuan (13.1%), sterling (6.5%), other currencies (10%) and gold (21.7%).

This means the Russian central bank's gold reserves amount to around $139 billion, an amount that could increase if we take into account the rise in gold prices.

TradingView has reported that since the beginning of March, the price of the precious metal has registered a 6.4% increase to $2,030 per ounce.

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