The Moscow Times Russia has significantly ramped up gold exports to China as Western governments closed their markets to the precious metal over the war in Ukraine, media outlet RBC reported Friday citing Chinese customs data.
China imported $108.8 million worth of Russian gold in July â a 750% increase from June and a 4,800% increase from the same month last year.
Market experts interviewed by RBC said they believed Russia, the worldâs second-largest gold producer at more than 300 tons per year, is currently selling its gold to China with a discount of up to 30%.
Other experts speculated that China, one of the worldâs top bullion buyers, may be just one of several important new destinations for Russian gold in Asia and the Middle East.
The United Arab Emirates, which has not released data on Russian gold imports in 2022, was named by those interviewed by RBC as a central hub for disguising the precious metalâs country of origin…
Russian Gold Rerouted to China Amid Western Ban – The Moscow Times
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