Despite sanctions, CHINA’S GOLD IMPORTS FROM RUSSIA INCREASE

World News

Moscow: Despite sanctions imposed on Russian commodities after its invasion of Ukraine in mid-2022, statistics from the nation’s customs department issued on Saturday revealed an increase in China’s imports of gold from Russia, according to the Russian television network Russia Today (RT).

China purchased 6.6 tonnes of Russian gold in 2022, totaling a record-breaking USD 386.9 million. This included shipments of both unprocessed (3.7 tonnes) and semi-processed gold (2.9 tons).

In December 2022, Russia shipped 220.2 kg of gold to China, totaling USD 14.85 million. In comparison to 2021, Russian gold exports to China increased by 63.3% in terms of money and 67.3% in terms of volume in 2022.

Russia’s contribution to Chinese gold imports, though, has thus far been minimal. Switzerland is the biggest gold supplier to China, with approximately USD 34 billion in sales in 2021. According to RT, Canada, South Africa, Australia, and Hong Kong round up the top five suppliers to China.

Western sanctions caused a decline in Russian gold shipments in the middle of 2022. The EU, UK, US, Japan, and Canada all forbade the purchase, import, or transfer, directly or indirectly, of gold produced in Russia and exported from the nation.

Prior to the imposition of sanctions, the UK was the biggest purchaser of Russian gold. The UK imported 266.1 tonnes of the metal in 2021, accounting for 88% of all exports and totaling USD 15.4 billion.

In July 2022, the European Commission approved a proposal for the seventh set of regulations that will forbid the entry of Russian gold.

The suggestion was a component of a fresh set of actions meant to enhance the efficacy and implementation of the EU’s six prior sanctions packages against Russia.

The Commission and the High Representative for Foreign Affairs jointly released the proposal.

“…We are recommending today that the EU sanctions we have enacted on the Kremlin be strengthened, made more effective, and extended until January 2023. Moscow must keep paying dearly for its aggressiveness, “said stated Ursula von der Leyen, president of the European Commission.

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