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/
eurofascism
The European Union is out of control and out of touch with reality. They announced a new round of sanctions on individuals and groups who refuse to drink the EU kool-aid on Ukriane. I was particularly shocked and angered by their decision to punish Colonel Jacques Baud:
Jacques Baud, a former Swiss army colonel and strategic analyst, is a regular guest on pro-Russian television and radio programmes. He acts as a mouthpiece for pro-Russian propaganda and makes conspiracy theories, for example accusing Ukraine of orchestrating its own invasion in order to join NATO.
Therefore, Jacques Baud is responsible for, implementing or supporting actions or policies attributable to the Government of the Russian Federation which undermine or threaten stability or security in a third country (Ukraine) by engaging in the use of information manipulation and interference.”
You know it is a serious matter of egregious abuse of power when Dr. Gilbert Doctorow and I are in firm agreement… Here ...
Volkswagen is shutting down its Dresden plant—the first closure in its 88-year history—due to skyrocketing energy costs, plummeting sales and geopolitical pressures. The "Transparent Factory" was once a symbol of VW's EV ambitions but failed commercially, producing fewer than 200,000 vehicles since 2001.
Up to 35,000 German jobs could be slashed by 2030, including thousands in R&D, as part of a brutal restructuring. Germany's economy is in a "structural crisis" due to disastrous energy policies (anti-Russia sanctions), rising production costs and collapsing competitiveness.
The European Union's rejection of Russian oil/gas crippled German industry, while China dominates EV sales and U.S. tariffs hurt exports. Analysts warn Volkswagen faces severe cash flow pressures by 2026, forcing cuts to gasoline R&D despite weak EV demand.
The Dresden plant will be repurposed into an AI, robotics and microchip research hub, aligning with the globalist agenda: Centralized control by elites, ...
Sanctions aimed at weakening Russia have backfired spectacularly, Italy’s Deputy Prime Minister Matteo Salvini told Corriere della Sera.
19 rounds of sanctions cobbled together in nearly four years have boomeranged, bringing the West’s economies “to their knees,” Matteo Salvini emphasized, adding that they sent Italian household energy bills “soaring.”
Salvini also urged caution amid Europe’s growing militarization, fueled by what he described as an alleged “phantom threat” from Russia.
After all, “if Hitler and Napoleon couldn’t conquer Moscow through military campaigns,” he noted, it’s "hardly likely" that people like European Commission Foreign Policy Chief Kaja Kallas, French President Macron, UK Prime Minister Starmer, or German Chancellor Merz would succeed either, Salvini added.....more below
