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Parliament Passes Bill in First Step to Making Gold, FX Reserves a State Secret

RUSSIA
  • Russian parliament have passed a bill today in the first reading - effectively allowing the state to limit information on the size of the state's gold and FX reserves. The bill also allows banks to carry out further restructuring that allows balance sheets to be repaired by offloading sanctioned assets onto a separate legal entity.
  • Lastly, a key tenet of the bill involves companies being allowed to substitute their eurobond issues into new securities
  • "Due to the unfriendly actions of foreign states and international organisations, information on the size of Russia's gold stocks and state foreign currency reserves should be protected from the possibility of it being received by unfriendly foreign states,"
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