Russia Eyes Gold as Alternative to Foreign Currency Amid Economic Restrictions

The Russian Ministry of Finance has suggested that gold can replace foreign currency as a means of saving. The move comes amid ongoing restrictions on foreign currency cash withdrawals, maintained by the Central Bank. In other economic news, several major companies have reported their financial results for the first half of the year.

Rosneft's net profit under IFRS decreased by 18.4% in the first half of the year. Magnit's loss under IFRS for the same period amounted to 9.546 billion rubles. In contrast, Promomed's net profit increased by 83%.

The government has also approved an updated strategy for the development of the automotive industry and extended the ban on the export of certain types of fuel by manufacturers. The Cabinet of Ministers has also extended the right to receive treasury loans to all regions in the Russian Federation.