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Russian gold was removed from some Western funds after Ukraine war
By Peter Hobson
Wednesday, December 21, 2022
LONDON -- Hidden inside high-security bank vaults in London, Zurich, and New York, billions of dollars' worth of gold of Russian origin has quietly changed hands in recent months in response to Moscow's invasion of Ukraine.
Data from 11 Western investment funds show that Russian bullion worth a total of $2.2 billion at current prices was removed from their accounts between July and November.
Funds storing gold have shrunk in recent months as rising interest rates triggered disinvestment from bullion.
But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. ...
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