By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, August 27, 2022

China increased in July its gold imports from the Russian Federation by 8.5 times compared to the previous month, to $ 108.79 million, according to the data of the General Administration of Customs (GTU) of China.

As follows from the statistics published in the monthly updated system of the Chinese department, Russia in July entered the top ten suppliers of gold to Beijing. The first place belongs to Switzerland, followed by Canada, Australia, the Republic of South Africa and Singapore.

According to the GTU, in January-July, China imported gold from Russia for $ 133.6 million – three times more than in the same period of 2021. 

Read also : How to invest in gold

On July 21 the European Union introduced a new package of restrictive measures against Russia due to the events in Ukraine. The new set of sanctions included, in particular, a ban on “the direct and indirect import, purchase or transfer of gold, which is the most important element of Russian exports after energy resources.”

On August 3, under the pressure from Brussels and Kiev, Switzerland announced a ban on importing gold from Russia into its territory. This new barrier reduced the supply of gold on the European market, as Russia is one the leaders of gold mining output.

Russia and China have been working since 2014 on building an alternative international currency system. They are now working on implementing de-dollarization of the economies of the BRICS. Moscow and Beijing are expected to use their large gold reserves and mining potential to implement their program. India joined them in 2022, as New Delhi agreed to buy Russian oil in rubles and rupees.

Gold is a good asset in tough times. In almost any crisis, it shows growth. The yellow metal has always been a great hedge against inflation because it rises in price when the cost of living standards rises. 

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© Copyright 2022 – Swann Collins, investor, writer and consultant in international affairs.