Russian gold worth billions of dollars is freely traded, avoiding 16 thousand restrictions imposed against the Russian Federation, the publication indicated Asia Times. Therefore, according to the authors of the material, the sanctions had no impact on Moscow.
Sanctions against Russia, as assumed in the West, will be of a strategic nature. Thus, the restrictions were directed against shipping and trade, but the Russian gold market was practically not affected, the article states. Great Britain, as noted, became the only country that reduced imports of Russian gold.
Russia is currently the second largest gold producer in the world, according to data from the World Gold Council. In 2023, the country’s production volume (324.7 metric tons) was second only to China (374 tons).
“It is expected that until 2026 Russia will increase gold production by 4% per year”the authors of the material suggested.
In addition, the Russian Federation was able to protect its economy from transactions with dollars by isolating it. The state was able to peg its currency to gold. Other countries also see gold as a guarantee against financial turmoil. Thus, in 2023, the vaults of Central Banks around the world received $110.6 billion worth of this precious metal.
Let us remind you that on March 6, the price of gold exceeded $2,153 per troy ounce. Thus, the price of this precious metal has reached a new historical high.
