UK updates Russian sanctions guide to include gold

The UK government has updated its guidance on the application of anti-Russian sanctions, now it includes a clause on transactions with gold, according to the website of the Cabinet of the United Kingdom.

Guidance has been updated to clarify that the ban on providing financial services to manage foreign exchange reserves and assets also applies to gold transactions.

The guidance explains that UK individuals and entities cannot “provide financial services for the purpose of creating foreign exchange reserves and managing assets” to the Russian Central Bank, the National Wealth Fund (NWF) and the Treasury. The list, clarifying what applies to foreign exchange reserves and asset management, indicates gold.

“For example, it is prohibited to provide financial services for transactions with the Central Bank of the Russian Federation using its gold,” the manual says.

The Central Bank of Russia noted that it was impossible to avoid freezing gold and foreign exchange reserves, and gold was seen as a "reserve that cannot be affected by Western sanctions" necessary to counter geopolitical crises.