CNBC/Matt Clinch/6-26-2022
“The leaders of the G-7 nations will announce a ban on Russian gold imports for Moscow’s unprovoked invasion of Ukraine, U.S. President Joe Biden confirmed on Sunday morning.”
USAGOLD note 1: It will be interesting to see if the ban on Russian gold exports will have an impact on market pricing dynamics. Russia exported roughly $19 billion in gold in 2020 (about 350 tonnes), its second-largest export after energy products and the fourth largest in the world, according to the OEC – so its market presence is not insignificant. As you can see in the chart below, Russia roughly doubled exports in 2021 despite its policy to channel domestic production into central bank reserves. At 300 metric tonnes per year, Russia is the third-largest gold producer in the world behind China (370 tonnes/yr) and Australia (330 tonnes/yr).
Russia Gold Exports
($, monthly)
Chart courtesy of TradingEconomics.com
