Russian banks are short of gold bullion

Because people’s demand for gold bars increased sharply, so the volume of gold bars was not enough to meet the buying demand.

This information was said by experts on October 25, 2022.

Andrey Vasiliev, who works at Uralsib bank, told the press that the gold supply is disrupted due to the limited production capacity of gold refiners and the sudden increase in people’s demand.

Small gold bars are currently in great demand, while gold refiners focus on orders, buying large bars in large quantities.

Producing small gold bars is also more expensive than 12kg gold bars.

Russia waives 20% VAT on individual gold purchases.

In June, Russia also eliminated a 13% tax, with profits from the sale of gold bullion.

The Central Bank of Russia in March, had to announce to stop buying gold from banks, to meet the gold demand of households.

Sanctions have frozen Russia’s more than $300 billion in gold and foreign currency reserves.

Gold refineries are adapting their infrastructure to serve the needs of individual customers in Russia.

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