The Bank of Russia will resume buying gold on the domestic precious metals market from February 28. This was announced on Sunday, February 27, in a message from the regulator.
The purchase price of gold will be determined daily based on the London Bullion Market Association (LBMA Gold Price AM) morning price.
According to the Bank of Russia, Russia’s international reserves reached a new all-time high as of February 18, having increased over the week to $643.2 billion from $639.6 billion.
The Central Bank of the Russian Federation has suspended the purchase of gold from April 1, 2020.
Earlier, on February 27, the press service of the Central Bank of the Russian Federation reported that the Bank of Russia has the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector in the country. It is noted that today all banking services are provided as usual.
On February 26, Bloomberg announced US intentions to impose sanctions against the Central Bank of Russia. It was noted that the final decision has not yet been made. The day before, the press secretary of the President of the Russian Federation Dmitry Peskov said that the Western sanctions are very serious, but, according to him, Russia was preparing for them in advance.
On the same day, the United States imposed sanctions on a number of companies with state participation or organizations important to the economy and on “two companies with a predominance of private capital.” The list includes Gazprombank, Alfa-Bank, Sberbank, Otkritie Bank, Sovcombank, VTB, Rosselkhozbank, Moscow Credit Bank (MKB) and Novikombank. Following the United States, other countries have imposed sanctions against Russian banks.
Western sanctions followed in response to the decision of Russian President Vladimir Putin on February 24 to conduct a special operation to protect the civilian population of Donbass. After that, Ukrainian President Volodymyr Zelensky accused Russia of hitting the country’s military infrastructure and introduced martial law throughout the state, and also announced that Kiev had broken off diplomatic relations with Moscow and recalled Ukrainian diplomats from the embassy.
On February 21, Putin signed decrees recognizing the independence of the Lugansk and Donetsk People’s Republics (LPR and DPR). Also, the President of the Russian Federation and the heads of both republics, Leonid Pasechnik and Denis Pushilin, signed treaties of friendship, cooperation and mutual assistance, which were ratified by the republics themselves and Moscow the next day.
Since 2014, the Ukrainian authorities have been conducting an operation against the inhabitants of Donbass, who refused to recognize the legitimacy of the new government in Ukraine. At the same time, Kyiv blames Moscow for the current situation. Russia has repeatedly stated that it is not a party to the conflict.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
