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Post: The expert did not exclude the possibility that gold production in Russia will decrease by a third due to the G7 sanctions.

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Expert Mironyuk: on the background of the introduction of the G7 ban on the purchase of Russian gold, the production of precious metals in the Russian Federation will be reduced by a third

MOSCOW, 29 June/ Radio Sputnik. BCS World Investments expert Yevgeny Mironyuk says that in connection with the G7 countries banning Russian gold imports, the Russian Federation will reduce precious metal production by a third in the medium term.

US authorities have banned the importation of Russian gold into the country, except as provided by law and in the presence of a license issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC). Previously, the G7 countries banned the import of Russian gold. The G7 joint statement states that the countries intend to “cut off” Russia’s participation in world markets and limit its income.

“For companies, the US and G7 ban on buying Russian gold means a possible one-third reduction in production in the medium term. Recovery is possible as we set up new sales chains” – leads to Mironyuk’s words RIA Novosti.

According to him, the largest refineries in Russia may show a similar decline in precious metal processing, although they are not currently operating at full capacity.

“In the spring of 2020, the share of gold in state reserves reached the level of 20% set for gold and foreign currency reserves (gold and foreign currency reserves – ed.). Now almost all gold goes abroad. Core countries specializing in purchasing and resale of Russian gold are prominent Previously, these were Switzerland and the UK. According to the Federal Customs Service, the largest buyer of Russian gold in 2021 was the UK – 266.1 tons, second only to Kazakhstan, to which 8 tons were sent. Expert added.

According to him, some countries of the East, especially the United Arab Emirates, India and China, could become large buyers of Russian gold. But creating new chains can take months. Mironyuk also said that other countries are at risk of joining the restrictions.

Earlier, Sputnik radio reported that Russian Deputy Foreign Minister Sergei Ryabkov described the US ban on gold exports from Russia as illegitimate.

Terse. Selected quotes only ours telegraph channel.

Source: Ria

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