As a result, gold bars produced by those refineries would no longer be accepted by central banks or exchanges that require LBMA accreditation. The LBMA runs the world’s largest over-the-counter market for physical gold.
Feb 24, 2022. For most people, that is the day when Russia launched a full-scale invasion of Ukraine. That conflict has yet to end and continues to this day. Less well-known is the fallout the war had on the gold market.
Russia’s act of aggression spurred the West to levy sanctions, freeze approximately US$300 billion in Russian state assets and cut off its access to the gold market. On March 7, 2022, the London Bullion Market Association (LBMA) said it was suspending six Russian gold and silver refiners from its Good Delivery List with immediate effect.
