Kitco News: Ukraine sold $12bln worth of gold during the war
(Kitco News) - Ukraine's Deputy Governor Kateryna Rozhkova confirmed that the nation sold around $12 billion worth of gold during Russia's invasion of the nation.
She said, "We are selling (this gold) so that our importers are able to buy necessary goods for the country," The situation has shown no signs of improving, and the war could be a long, drawn-out process.
This scenario is something Ukrainian President Zelensky wanted to avoid. Foreign nations are reluctant to step into Ukraine and help as it could escalate the situation. Instead, they have committed to continue to arm the Ukrainian efforts from afar.
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Update: Ukraine Central Bank has sold over $12 bln of its gold reserves during war - deputy head (Reuters)
WNU Editor: Peter Schiff does an excellent analysis on why Ukraine's gold numbers do not add up .... Ukraine Sells Billions in Gold to Raise Cash to Buy Goods (SchiffGold).
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