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 Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
MOSCOW (Sputnik) - Iran has not held talks with the United States, and fake news is being used to manipulate markets, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Monday.
"No negotiations have been held with the US, and fake news is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped," the parliament speaker said on X.
Earlier in the day, Trump said that the United States and Iran had very positive and productive talks over the past two days and announced the postponement of US strikes on Iranian energy infrastructure. The president also expressed hope that the progress will be achieved within five days, a CNBC journalist reported after an interview with the president.
Iran has warned international investors and financial institutions, stating that entities financing the United States' military apparatus are now considered legitimate targets in the ongoing resistance against American and Israeli aggression.
In a statement posted on his official X account on Sunday, Iran's Parliament Speaker Mohammad Bagher Ghalibaf emphasized Iran's resolve to defend its sovereignty and people against continued US aggression, which has resulted in immense suffering for Iranians through sanctions, covert operations, and wars.
"Alongside military bases, those financial entities that finance the US military budget are legitimate targets," the Parliament Speaker stated.
He condemned US Treasury bonds as instruments "soaked in Iranians' blood," saying that purchasing or holding such bonds equates to directly supporting attacks on Iranian lives and territory.
"Purchase them, and you purchase a strike on your HQ and assets," he warned.
Ghalibaf underscored Iran's ...
