Wealthy Russians hoard 200t gold, smuggle abroad as currency curbs bite

Since 2022, wealthy Russians have purchased at least 200 tons of gold bullion, driven by Kremlin-imposed limits on foreign currency withdrawals. They are reportedly smuggling the gold abroad, including disguised as chocolate bars, to circumvent capital controls. This signals sustained capital flight and distrust in the ruble, with implications for Russian financial stability and global gold flows.