Russia considering major gold sale

News agencies reported last week that the state precious stones and metals fund was preparing to sell 50 tonnes of gold on the London.

Russia is still considering selling a large consignment of gold from its reserves for the first time since the Soviet era, the finance minister was quoted as saying on Wednesday, after postponing a sale due to a media leak.

- We are examining this question - Finance Minister Alexei Kudrin said, according to Russian news agencies. - We are continuing to study this question and we could make a decision in the days to come - he added.

News agencies reported last week that the state precious stones and metals fund was preparing to sell 50 tonnes of gold on the London market in the biggest such sale since the collapse of the Soviet Union.

But precious metals export agency Almazyuvelirexport postponed the sale, which had been scheduled to take place before the end of the year -- after the details of the sale leaked out in the media, Dow Jones Newswires reported.

Kudrin refused to give details about the timing and the volume of the planned sale.

Russia has already announced plans to issue almost 18 billion dollars of eurobonds next year and relaunch a moth-balled privatisation drive in a bid to raise capital for its budget, which has been hit hard by the financial crisis.