Exports of Russian gold to the UK increased by 83%

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In January-February 2021, the United Kingdom purchased gold in the Russian Federation for almost $ 1.4 billion, which is 83% higher than the same level of 2019, follows from the data of the Federal Customs Service.

The UK accounted for almost the entire cost volume of supplies – 96%, but Kazakhstan ($ 36 million) and Switzerland ($ 25 million) were also among the leaders in terms of export value. In total, gold supplies from Russia increased by 37% in two months and amounted to $ 1.48 billion against $ 929 million a year earlier.

The export of the yellow metal from Russia has been growing in the past two years: in 2019, supplies jumped eight times, to $ 5.7 billion, and in 2020 – three times, to $ 18.5 billion, follows from the statistics of the customs service. All this time, the largest volume of precious metal goes to the UK: 290 tons for $ 16.9 billion in 2020 and 113 tons for $ 5.3 billion a year earlier. For comparison, in 2018, Foggy Albion, although it was also the leader in purchases, purchased only $ 433 million worth of gold from Russia.

As Deputy Minister of Industry and Trade Alexei Bezprozvannykh explained to Izvestia, the main exchange for metals trading is located in London, and therefore gold from Russia is sent mainly there. Buyers include global funds, banks and private investors.

Read more in the exclusive material from Izvestia:

Metal seeker: UK gold exports continue to explode