Russians went on a gold-buying spree in the first couple of weeks after the invasion.
Sberbank ranks as Russia's largest financial institution. It reported the demand for gold quadrupled during the first two weeks of March. Demand from the Russian citizenry was so strong, the  Central Bank of Russia suspended its gold purchases from local banks so they could leave inventory for their customers.

Demand for silver, platinum and platinum were also strong.

On March 9, President Putin suspended the 20% VAT tax on precious metals. The move was designed to encourage people to buy gold instead of foreign currencies as the ruble collapsed.

"Currently, households' demand for buying physical gold in bars has increased, driven, in particular, by the abolition of value-added tax on these operations," the Central Bank of Russia said in a statement earlier this month.

According to Russian media, Sberbank Borrow and Save Division Director Sergei Shirokov said the bank's clients are trying to protect their savings.

Precious metals are a traditional defensive asset that helps to feel confident in any economic situation. At the moment, our clients want to receive a physical guarantee of the safety of their savings, and bullion is an excellent tool for this."