Some investors want Russian gold off their books but it’s not that easy to remove. A de facto ban on Russian bullion minted after Moscow’s invasion of Ukraine — instigated by the London market in early March — does not apply to hundreds of tonnes of gold that has been sitting in commercial vaults since before the conflict started. Fund managers looking to sell the metal to avoid the deepening reputational risk of holding assets linked to Russia in their portfolios could trigger a costly scramble to replace it with non-Russian gold, according to bankers and investors. “This would only serve to damage investors. It doesn’t damage the (Russian) regime,” said Christopher Mellor at Invesco, whos
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