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Russia Turns to Gold to Raise Cash and Skirt Economic Sanctions
Russia has reportedly used gold to evade currency restrictions put in place as part of economic sanctions levied in the wake of the invasion of Ukraine. Under the sanction regime, Russian banks are prohibited from importing dollars or euros into the country. The ban is enforced by locking Russia out of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This system enables banks and other institutions to send and receive financial transactions and data in a secure, standardized environment. Because the dollar serves as the world reserve currency, SWIFT effectively facilitates the international ... (full story)
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- Posted: Feb 13, 2024 12:42am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 274
