Despite the ban on Russian gold imports imposed by the G7 countries, the European Union and Switzerland in mid-2022, Russia has continued to secure buyers for its gold. This is evident from incomplete mirror trade statistics reported by Russia’s trading partners, as Moscow stopped publishing data on gold exports and production following its invasion of Ukraine. Western sanctions were designed to reduce Russia’s export revenues by cutting it off from its main market, as almost all Russian gold had previously been sold to Western countries. …read more
Source:: Centre for Eastern Studies (Poland)