Russia permits national bank to sell AAUs

St Basil's Cathedral in Moscow

It is estimated Russia has approximately 4.5 billion tonnes of AAUs to sell out of the country's original total of 100 million tonnes for the period to 2012.

Barclays Capital analysts have commented on the timing of the announcement, which they say is notable in the run-up to Copenhagen in December. It has been suggested a new international agreement could call an end to AAU trading.

"This announcement reminds negotiators that Russia can monetise a significant volume of AAUs in the current perio