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Bank of Russia Resumes Gold Buying After Two-Year Pause

  • The central bank was previously the biggest sovereign buyer
  • Russia has over 2,000 tons of gold in its reserves: IMF
A worker handles 12 kilogram gold ingots at a plant in Kasimov, Russia.

A worker handles 12 kilogram gold ingots at a plant in Kasimov, Russia.

Photographer: Andrey Rudakov/Bloomberg
Updated on

The Bank of Russia said it will start purchasing gold again, just under two years after it ended a long-running buying spree that helped prop up bullion prices last decade.

The central bank will begin buying gold again on the domestic precious metals market, it said in a statement. The move comes after the monetary authority and several of the country’s commercial banks were sanctioned in response to Russia’s invasion of Ukraine.