Hong Kong has become the largest center of Russian gold trade, leaving behind Dubai and London. This was reported by Bloomberg.
Since the beginning of the year, the city has imported 68 tons of Russian gold, which is 4 times more than in the whole of last year. The move towards Hong Kong was driven by US sanctions on Russia’s largest gold miners, as well as tighter regulations in the UAE, according to people familiar with the matter. By comparison, Russia supplied 96.4 tonnes of bars to the UAE in 2022, becoming the country’s largest supplier.
Before the start of SVO in Ukraine, almost all Russian gold was sent to London vaults. However, after the sanctions were imposed, supplies to the UK were stopped. When Russian gold was blocked from entering the London market, the main beneficiary was Dubai, a major transit hub for gold supplies to the Middle East and Asia. The UAE remained neutral and did not impose restrictions on Russian gold despite pressure from the US and UK.
However, recently the volume of Russian gold imports to the UAE has decreased significantly due to tightening regulations in the country. Also playing a role were US sanctions in May against Russia’s largest gold mining companies, Polyus and Polymetal.
As a result, some Dubai companies have diverted their supplies to Hong Kong, which has historically been the largest conduit for gold entering China. Beijing maintains close relations with Moscow and is ready to increase trade with Russia.
Before this, Russians were offered precious metals at special prices
Previously expert admit itThe possibility of a significant depreciation of the dollar.