The London Bullion Market Association (LBMA) is creating a database of Russian gold bars held in London banks to help Russian companies or the Russian central bank avoid sanctions, Reuters reported.

Banks and the LBMA would not say how much Russian gold is in vaults, but data from investment funds that own gold show that hundreds of tonnes were hoarded in London, Zurich and New York before Russia invaded Ukraine in February.

Data from eleven funds show that about 7% of all the gold they hold – currently about 160 tons worth about $9 billion – is Russian.

The LBMA will provide its data to customs authorities and market participants, but not to the public, to help them verify whether Russian gold bullion moving between countries or owners was outside Russia before the sanctions were imposed.

The association said it has a temporary database but is working to improve access and simplify maintenance.

The United States and other Western countries have imposed sanctions on many companies and banks in Russia and its central bank after the Kremlin sent troops into Ukraine.

London is the largest bullion trading center in the world, and Russia is one of the largest producers of gold.

(Source: news.ro)