(bullionstar.com) - Last week on 24 February when the UK Government introduced a raft of sanction against Russian banks and Russian oligarchs, the cogs in the UK financial system began moving with British financial institutions rushing to distance themselves from the Russian financial sector. With gold as the ultimate reserve assets of the Bank of Russia, and with London a critical hub in the global gold market through the London Bullion Market Association (LBMA) and its famous London Good Delivery lists of accredited gold and silver refiners, it therefore begged the question as to what would the LBMA do about the large number of Russian gold refineries on the LBMA Good Delivery Lists, refiners which are embedded with the Russian banks in the Russian gold market.
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