In 2022, Russian demand for gold bullion grew faster than any other country, increasing fivefold compared to 2021. In this respect Wrote The Financial Times newspaper cites data from the World Gold Council.
Vitaly Nesis, CEO of Russian mining company Polymetal, explained the high popularity of gold as citizens searched for a way to save while they were facing a shortage of euros and dollars.
“While experiencing geopolitical instability, demand for gold can be substantial,” he said.
In the first half of March, Russian President Vladimir Putin, signed A law abolishing VAT on investment gold for individuals.
This week, the RIA Novosti agency cites data from national central banks. WroteIt has been announced that at the end of 2022, China has the world’s largest gold and foreign exchange reserves for the 17th consecutive year, while Russia ranks fourth.
In December, Deputy Finance Minister Alexei Moiseev knowledgeable About the 10-fold increase in Russian demand for the purchase of gold.