Russia’s Gold Floods into Hong Kong at Record Pace!
A staggering 112.7 tonnes of Russian gold has flooded into Hong Kong this year alone, a shocking surge that highlights how Western sanctions have forced the country's bullion trade to reroute towards China and other Asian markets. This massive influx of gold is a direct result of Russia's invasion of Ukraine, which saw major Western markets shut their doors to Russian gold. Analysts say that Hong Kong has become a key hub for Russia-China trade, with most of the gold being sent to Mainland China. The situation is a stark reminder of the impact of global sanctions on the world's gold trade. With the London Bullion Market Association suspending Russian gold and silver refiners from its Good Delivery lists, Russia's gold industry has been forced to find new markets. As one analyst noted, the fact that Hong Kong's official data shows a steep rise in imports of Russian gold reflects the kind of support and bilateral trade for which Putin has repeatedly thanked Xi. Want to stay ahead of the curve and know what's really happening in the world of finance? Subscribe to our channel to get the latest news and analysis.
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