Other destinations have taken over Russia’s bullion trade after the G7 and EU banned imports from the sanctioned country
West losing Russian gold – Bloomberg
© Sputnik / Ilya Naymushin
A number of countries are snapping up Russian gold bullion after Western governments closed their markets as part of Ukraine-related sanctions on Moscow, Bloomberg reported on Tuesday.
The G7, EU and Switzerland, a major gold hub with a traditionally neutral stance, banned Russian gold imports last summer in an effort to damage the country's $20 billion gold industry.
Prior to the sanctions, London was the top destination for Russian gold. Now, since major gold-buying banks such as JPMorgan Chase and HSBC Holdings stopped trading Russian precious metals, numerous small players from logistics companies to dealers have stepped in, Bloomberg wrote.
Exports from the sanctioned country have been rerouted to the United Arab Emirates, Hong Kong and Türkiye, which have not joined Western restrictions, the outlet said, citing data from trade-tracking firm ImportGenius, based on Russian customs figures for the six months through August.
Western sanctions have blocked Russian gold from their own markets and banned merchants from dealing with it. But companies in other countries are not prohibited from trading the precious metal as there are no secondary sanctions.
Russian gold production soarsREAD MORE: Russian gold production soars
The UAE, which has become a hub for the precious metals trade between the East and West, has replaced the UK as the new top destination for Russian gold, with more than $500 million worth of bullion being exported there in the six months through August.
Russian gold worth about $305 million was tracked as passing through Istanbul airport between March and August last year, making Türkiye the second key endpoint of the precious metal.
Hong Kong-based financial company VPower Finance Security, which provides cash and gold for Chinese banks, handled more than $300 million of Russian gold shipments between March and August last year, according to ImportGenius tracking data.
Meanwhile, Russian gold miners boosted output by 26.5% year-on-year in March, according to the latest data from the Federal State Statistics Service (Rosstat). Gold production jumped by more than 30% compared to February. The first quarter figure was 9.1% higher than in the same period last year.....More Below
https://www.rt.com/business/575729-russian-gold-export-western-sanctions/
The recently-released tranche of additional documents tied to Jeffrey Epstein include remarks by a woman identifying as one of the victims of the late disgraced financier and convicted sex trafficker, in which she refers to Donald Trump as a witness to the killing and disposal of the body of her infant.
The US Department of Justice released the documents numbering tens of thousands, which include FBI tips and complaints implicating Trump, on Wednesday.
Reports emerging on Friday across various outlets, including the UK edition of American online newspaper The International Business Times, pointed to inclusion in the documents of an FBI intake form dated March 3, 2020 recording a complaint from the unnamed woman.
The complainant said she had been trafficked at age 13 in the early 1980s and described an incident in 1984 involving the killing of her newborn child aboard a yacht in Mona Lake, Michigan.
According to the document, the woman said her uncle had carried out the killing and disposed of the ...
The Russian leader said in 2008 that it could lead to “long-term conflict” with Washington, according to transcripts of the talks
Russian President Vladimir Putin warned his then-US counterpart, George W. Bush, almost two decades ago that attempts to make Ukraine a member of NATO could split the country apart and result in a confrontation between Moscow and Washington, records of conversations between the two leaders have revealed.
On Tuesday, the US National Security archives published verbatim transcripts of several exchanges between Putin and Bush throughout the 2000s.
During their first meeting in Slovenia in June 2001, the Russian president questioned the need for NATO’s enlargement, but stressed that he “can imagine us [Moscow and Washington] becoming allies,” according to the files.
His tone stiffened significantly by the time of their last meeting in the Russian city of Sochi in April 2008, a year after Putin delivered his famous speech at the Munich Security Conference, ...
Senator Rand Paul has published his annual Festivus report detailing wasteful spending and record debt payments
The US government has spent over $1.6 trillion this year on wasteful programs, such as teaching ferrets how to binge-drink alcohol and dosing dogs with cocaine, according to Senator Rand Paul’s latest annual ‘Festivus Report’.
The Kentucky Republican’s 2025 edition notes a total of $1,639,135,969,608 in waste, including $1.22 trillion spent on interest payments for the US national debt, which has reached nearly $40 trillion.
Specific expenditures criticized include $2.1 million for researchers to collect saliva samples and survey partiers at EDM festivals in New York City about drug use. The National Institutes of Health spent $5.2 million to dose dogs with cocaine, while over $13.8 million funded experiments on beagles.
Other highlighted projects involve $14.6 million to make monkeys play a ‘Price Is Right’-inspired video game, a process that involved screwing metal ...
