Russia eyes new rules on state’s gold, gem sales amid war

Russia’s sovereign gold stockpile is the fifth-biggest in the world. (Image from Vladimir Putin’s website)

Russia’s government and parliament are seeking to change rules on the sales and management of the state’s precious metal and gem stockpiles amid the war with Ukraine.

The Finance Ministry proposed this week to put a portion of the country’s gold and gems into a special reserve that can be accessed in times of war, according to the government documents website. If the proposal passes, the president will have more right to decide what to do with those reserves.

Separately, Russia’s Duma, the lower chamber of the parliament, last week approved new rules that allow the President more freedom to use the state’s treasures without consulting the government or parliament. This could be necessary if the country has to sell the assets urgently.

Russia’s state reserves include precious metals such as gold, platinum and palladium, as well as gems like diamonds, rubies and emeralds.


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