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Russia gives Credit Bank of Moscow license to export gold
Monday, May 16, 2022
Credit Bank of Moscow, one of Russia's largest private lenders, has obtained a gold export licence from the government, it said today, becoming the latest Russian bank to turn to precious metals trade to offset the impact of sanctions.
The main operators of the gold market in Russia and its largest lenders -- Sberbank and VTB, have been hit by harsh Western sanctions imposed on Russia after it sent tens of thousands of troops into Ukraine on Feb. 24.
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"MKB has a dedicated focus on developing operations with precious metals," MKB said in a statement. The bank has also been subject to sanctions in the United States but it said they were not "blocking" its activity. ...
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