Since March, Russian gold exports have fallen to almost zero, but without sanctions, export opportunities still remain.

This is stated in the results of a study by the KSE Institute..

In 2021, Russia produced 346 tons of gold (excluding gold in concentrates), making Russia the second largest gold producer in the world after China, with a share of about 9.5%..

Gold mining in Russia is consolidated, although not as much as oil and gas production. TOP-10 manufacturing companies account for 61% of the market. In total, gold mining is carried out by about 520 companies..

The largest part of the gold produced in Russia is exported - 302 tons in 2021 (87% of production).

Russia mainly exported gold to the UK (266 tons, 88% of exports), the world's largest hub of precious metals. Part of the gold was sent to Switzerland, the second largest hub in the gold market.

The London Stock Exchange is no longer accepting Russian precious metals as the London Bullion Market Association suspended Good Delivery status for all six accredited Russian gold bar factories on March 7.

Russia's largest international gold mining company Kinross Gold left the country.

Russian gold diggers can sell metal to the Bank of Russia.

The Central Bank of Russia returned to buying gold on the domestic market from February 28, 2022. Russia can also export gold to countries that do not impose sanctions, including India and China, although this may require heavy discounts..

Meanwhile, according to the Swiss Federal Customs Administration, in May, Switzerland imported more than 3 tons of gold from Russia for the first time since the invasion of Ukraine..

" However, export opportunities still exist and more efforts may be needed to stop Russian gold exports..