Kathmandu. After the Ukraine war, Russia has emerged as the largest supplier of crude oil to Asian countries. Big countries like India and China are buying Russian oil in large quantities.
Now Russia is selling a large amount of gold in the Asian market. In the first seven months of this year, Hong Kong’s gold imports from Russia have reached $ 14.4 billion. This is an increase of 50% compared to the previous year. This is three times more in 2023 and 2024. Gold from Hong Kong reaches the entire Asian market.
Last year, Hong Kong imported a total of $9.6 billion worth of gold from Russia. This number has been surpassed this year. This increase indicates that London and other Western centers were closed to Russian gold due to Western sanctions. As a result, Russian gold exports have shifted to Asian markets.
Why is Russia selling gold?
In fact, there is no restriction on gold imports from Russia to Hong Kong. Therefore, it is fast emerging as a major trading center for Russian gold coming into the Asian market.
Experts say that Russia is selling its gold because of the significant increase in Russian government spending due to the Ukraine war. Russia has so far sold about 50 tons of gold to cover the budget deficit.
The world’s leading gold producer
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Russia is the second largest gold producer after China. According to the World Gold Council, its annual gold production is 345 tons. While China is in first place with 384.3 tons. It is followed by Australia, Canada, Peru, Ghana, the United States, Uzbekistan, Mexico and Indonesia. -Agency
