(Reuters.) Russia’s central banking said Thursday it was buying gold at a negotiated cost from the commercial banks due to a significant change in market conditions.

The bank announced that it would purchase gold for a fixed price at 5,000 rubles per gram from March 25 to June 30,

The rouble’s value against the dollar has risen sharply since that announcement. Five thousand rubles was equal to $52 (March 25) and about $63 (Thursday).

International gold prices have held steady at about $60 per gram (or $1,900/ounce)

Russia is the largest gold producer in the world, however, its refiners were prohibited from selling bullion to the London market. This was after the Kremlin invaded Ukraine in February.

($1 = 78.6830 roubles)