Information on the purchase of gold by the Bank of Russia on the domestic market
March 25, 2022
Press release
In order to balance supply and demand in the domestic precious metals market, the Bank of Russia will buy gold from credit institutions at a fixed price from March 28, 2022. The price from March 28 to June 30, 2022 inclusive will be 5,000 rubles per 1 gram. The established price level makes it possible to ensure a stable supply of gold and the smooth functioning of the gold mining industry in the current year. After the specified period, the purchase price of gold can be adjusted taking into account the emerging balance of supply and demand in the domestic market.
When using the material, a reference to the Press Service of the Bank of Russia is obligatory.
http://www.cbr.ru/press/PR/?file=25032022_192430DKP25032022_182539.htm
This is from Russian Central Bank, translated to English.
Also:
Russia is open to accepting bitcoin for its natural resources exports, the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference on Thursday.
Zavalny explained that Russia is open to accepting different currencies for its exports, beginning with natural gas, depending on the buyer’s preferred method of payment. However, the chairman said terms will depend on the importing country’s foreign relations status with Russia.
“When it comes to our ‘friendly’ countries, like China or Turkey, which don’t pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan,” Zavalny said during the press conference. “With Turkey, it can be lira and rubles. So there can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin.”
https://bitcoinmagazine.com/markets/russia-open-to-sell-gas-for-bitcoin
Wow....this is in addition to their current stockpile.
https://www.youtube.com/watch?v=imI8ckDya3k
British volunteer says: I’ve seen bullet holes in our ambulances & medics wounded by Russian snipers
Russia Just Told You The Ruble is Implicitly Backed by Gold and Bitcoin
Authored by GoldFix Substack
UPDATE: 11:54 a.m. AND NOW THIS
ZH post:
In order to balance supply and demand in the domestic precious metals market, the Bank of Russia will buy gold from credit institutions at a fixed price from March 28, 2022.
After the specified period, the purchase price of gold can be adjusted taking into account the emerging balance of supply and demand in the domestic market.
Intro: We are not given to hyperbole. This is a path we’ve studied for years as students of history. This is not a fomo panic buy (or sell) statement. It is a geopolitical observation.
There comes a point where no matter how good a captain is, after which, he cannot steer his ship to avoid an iceberg. The dollar is on a collision course with China and Russia on trade. If the iceberg does not melt, the choices are: crash, or scuttle with the affluent surviving in lifeboats.
...The following was reported yesterday. The implications are geopolitically staggering. We hope our governments are paying close attention.
Russia is open to accepting bitcoin for its natural resources exports, the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference on Thursday. BitcoinMagazine via Zerohedge
As part of the pushback by Russia from western trade sanctions and restrictions in using SWIFT, Russia has had to openly accept alternative payment methods and systems for its assets. A large part of that solution is using Gold and Bitcoin for Trade.
Dollar Death by A Thousand Cuts
The article is viewed rightfully by some as an overplay on the significance of the Bitcoin inclusion beside Gold as an alternative payment. Though this is true, the long term effects are potentially a cascade of currency rebellions. Death of a thousand Bitcoin transactions, if you will.....
March 25, 2022 | Sundance | 142 Comments
The Federation of Indian Export Organizations (FIEO) announced today they are likely to have the financial mechanism for a Russia-India currency exchange and trade process in place within a week. Previously, India announced their decision to continue purchasing oil from Russia despite the western sanctions. Prime Minister Modi is a pragmatic, tactical and shrewd business-minded politician.
India is becoming a major player in the geopolitical world, as recognized by former President Trump during his Indo-Pacific trade partnership discussions. The population of India is over 1.4 billion people, and they are industrializing as a more democratic counterbalance to China. Prime Minister Modi has been a key political leader in generating economic alliances to the benefit of his nation, while maintaining a prudent stiff-arm toward the influence of major multinational corporations.
(Via CNBC) – India is expected to announce a payment arrangement that would allow trade with Russia to continue, the president of an Indian exporters’ association told CNBC’s “Street Signs” on Wednesday.