Gold Fuels Russian Shadow Trading, Analysts Reveal
Gold is playing a key role in facilitating payments between China and Russia, with analysts highlighting Russia’s vast gold reserves—accounting for nearly a third of its total reserves—as a workaround for economic sanctions.
Russian companies are reportedly moving gold to Hong Kong, selling it, and using local currency for imports, a method not yet blocked by Chinese banks. While the exact extent of gold’s role remains unclear, it is becoming an increasingly important tool for circumventing trade barriers and strengthening economic ties between the two countries.
Clever Robot News Desk 30th November 2024
