Second-largest bank, VTB, says buyers are snapping up 1kg bars
Logos are on display outside a branch of VTB bank in Moscow, Russia, in this May 30 2019 file photo. Pictture: REUTERS/Evgenia Novozhenina
Russia scrapped a 20% VAT on gold buying for individuals on March 1 as people rushed to park savings when the rouble sank to record lows. The currency has been hit by sweeping Western sanctions on Russia in response to what Moscow calls its “special military operation” in Ukraine. With the “increased uncertainty”, gold enables allows investors to diversify their portfolios, secure their savings and protect them for future generations, VTB senior vice-president Dmitriy Breytenbikher said in a statement.
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Russian bank sells a tonne of goldSecond-largest bank, VTB, says buyers are snapping up 1kg bars
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