China S Gold Imports From Russia Surged 750 In July

China imported $108.8 million worth of Russian gold in July. That’s a 750 percent jump from the previous month’s total of $12.7 million and a 4,800 percent increase from $2.2 million reported in the same month a year ago, Russian media outlet RBC reported, citing Chinese customs data. The data listed included unrefined and semi-refined forms of gold.

More purchases from China come after the US, Britain, Canada, Japan, the EU and Switzerland banned exports of Russian gold following Russia’s invasion of Ukraine.

Earlier in August, it was reported that Russia is considering its own international standard for precious metals following a ban by the London Bullion Market Association (LBMA). And it could have a fixed price in national currencies.

The country’s finance ministry said it was “critical” to create the new Moscow World Standard (MWS) to “normalize the operation of the precious metals industry” and provide an alternative to the LBMA.

Following Russia’s invasion of Ukraine, the LBMA also suspended its accreditation of Russian precious metals refiners, banning them from selling new products in London. The suspension was made official on March 7.

According to the finance ministry, Russia was the second largest gold producer in 2021, with gold production rising 9% to 343 tonnes. The precious metals industry in Russia accounts for about $25 billion a year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation for any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

title: “China S Gold Imports From Russia Surged 750 In July Klmat” ShowToc: true date: “2022-10-27” author: “Christopher Smith”

China imported $108.8 million worth of Russian gold in July. That’s a 750 percent jump from the previous month’s total of $12.7 million and a 4,800 percent increase from $2.2 million reported in the same month a year ago, Russian media outlet RBC reported, citing Chinese customs data. The data listed included unrefined and semi-refined forms of gold.

More purchases from China come after the US, Britain, Canada, Japan, the EU and Switzerland banned exports of Russian gold following Russia’s invasion of Ukraine.

Earlier in August, it was reported that Russia is considering its own international standard for precious metals following a ban by the London Bullion Market Association (LBMA). And it could have a fixed price in national currencies.

The country’s finance ministry said it was “critical” to create the new Moscow World Standard (MWS) to “normalize the operation of the precious metals industry” and provide an alternative to the LBMA.

Following Russia’s invasion of Ukraine, the LBMA also suspended its accreditation of Russian precious metals refiners, banning them from selling new products in London. The suspension was made official on March 7.

According to the finance ministry, Russia was the second largest gold producer in 2021, with gold production rising 9% to 343 tonnes. The precious metals industry in Russia accounts for about $25 billion a year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation for any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

title: “China S Gold Imports From Russia Surged 750 In July Klmat” ShowToc: true date: “2022-10-31” author: “Willie Scherrer”

China imported $108.8 million worth of Russian gold in July. That’s a 750 percent jump from the previous month’s total of $12.7 million and a 4,800 percent increase from $2.2 million reported in the same month a year ago, Russian media outlet RBC reported, citing Chinese customs data. The data listed included unrefined and semi-refined forms of gold.

More purchases from China come after the US, Britain, Canada, Japan, the EU and Switzerland banned exports of Russian gold following Russia’s invasion of Ukraine.

Earlier in August, it was reported that Russia is considering its own international standard for precious metals following a ban by the London Bullion Market Association (LBMA). And it could have a fixed price in national currencies.

The country’s finance ministry said it was “critical” to create the new Moscow World Standard (MWS) to “normalize the operation of the precious metals industry” and provide an alternative to the LBMA.

Following Russia’s invasion of Ukraine, the LBMA also suspended its accreditation of Russian precious metals refiners, banning them from selling new products in London. The suspension was made official on March 7.

According to the finance ministry, Russia was the second largest gold producer in 2021, with gold production rising 9% to 343 tonnes. The precious metals industry in Russia accounts for about $25 billion a year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation for any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

title: “China S Gold Imports From Russia Surged 750 In July Klmat” ShowToc: true date: “2022-11-24” author: “Melissa Brown”

China imported $108.8 million worth of Russian gold in July. That’s a 750 percent jump from the previous month’s total of $12.7 million and a 4,800 percent increase from $2.2 million reported in the same month a year ago, Russian media outlet RBC reported, citing Chinese customs data. The data listed included unrefined and semi-refined forms of gold.

More purchases from China come after the US, Britain, Canada, Japan, the EU and Switzerland banned exports of Russian gold following Russia’s invasion of Ukraine.

Earlier in August, it was reported that Russia is considering its own international standard for precious metals following a ban by the London Bullion Market Association (LBMA). And it could have a fixed price in national currencies.

The country’s finance ministry said it was “critical” to create the new Moscow World Standard (MWS) to “normalize the operation of the precious metals industry” and provide an alternative to the LBMA.

Following Russia’s invasion of Ukraine, the LBMA also suspended its accreditation of Russian precious metals refiners, banning them from selling new products in London. The suspension was made official on March 7.

According to the finance ministry, Russia was the second largest gold producer in 2021, with gold production rising 9% to 343 tonnes. The precious metals industry in Russia accounts for about $25 billion a year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation for any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.