Russia’s second-largest lender VTB, hit by Western sanctions over Moscow’s actions in Ukraine, has sold one tonne of gold to customers this month and expects demand to increase, the state-controlled bank said on Wednesday.
Russia scrapped a 20% value-added tax on gold buying for individuals on March 1 as people rushed to park their savings when the rouble sank to record lows. The currency has been hit by sweeping Western sanctions on Russia in response to what Moscow calls its “special military operation” in Ukraine.
