From UK to UAE and HK: Russian gold exporters restoring sales under sanctions

MOSCOW, Russian Federation - Sept. 11, 2023 - PRLog -- Within the last few years Russian gold manufacturers had to adapt to rapidly changing market conditions. Central bank of Russia was intensively buying gold in 2014-2019, but stopped purchases in the beginning of 2020. As a result, export in 2020-2021 exceeded 300 tonnes per year, which was more than 80% of produced in the country. Amount of export within 2020 and 2021 was 18,5 and 17,4 billion $ respectively - essentially more than in 2015-2018, when export was only 0,7 – 2,4 billion $ per year.
At the beginning of 2022 export to United Kingdom was the main sales direction of Russian gold, but after events of February 2022 followed by new sanctions against Russia, Central bank had to start buying gold, thus supporting local manufacturers till they find new distribution channels. Rapid fall of gold export from Russia occured in March 2022 and a slow rebound took place within June – September 2022.
UAE, Hong Kong and Turkey became became the leading export directions in 2022 and 2023. However, overall amount of gold export in 2022 decreased more than twice in comparison with 2021. Supplies in jan-may 2023 were also declining along with export to UAE, while export to Hong Kong increased. In the beginning of August 2023 Russian Ministry of finance has announced purchases of gold and foreign currency for 40 billion roubles (≈420 million $) till the 6-th of September 2023. This measure should benefit Russian manufacturers exposed to turbulent market conditions. Moreover, biggest Russian gold manufacturer - "Polyus" has reported of production increase by 30% in the first half of 2023 in comparison with first half of 2022, so the measures taken by the Ministry of finance shall help demand to stay in line with production.
Along with sanctions many foreign companies kept away from Russian gold, which are Loomis international, IBI international logistics limited and J.P. Morgan Chase, ICBC Standard bank. Others, however took their place in 2022-2023 - Vpower finance, Temis luxury, Shams gold trading. According to export records in May 2023 the biggest receivers of exported Russian gold were Universal gold (Hong Kong) limited, Holden international trading limited, Vivo muvevherat IC.

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Ruexim offers a detailed data report ( on Russian export of gold, covering period 2021 - may 2023.
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