Russia is cut off from the international market of precious metals – gold exports are virtually stopped
Details: Russia ranks second in the world in gold production, the volume of which is almost a ton per day. Until recently, almost all the mined metal was exported abroad. In 2021, exports averaged 25 tons per month, and in March-April 2022, only 100 kilograms of precious metal were sold.
The loss of foreign markets and rapid inflation threatens the entire industry. At the moment, only the Central Bank buys Russian gold, at a price 15% lower than the market price.
Given this “negative growth” in the export of precious metals, in the near future production volumes may fall by 40%, which threatens to “release” about 40 thousand employees in the industry.