Russia started exporting gold to the UAE instead of London

-


Russian gold exports continue despite ban

Russia sold 116 tonnes of gold to UAE, China and Turkey amid Western sanctions

London: America, Europe and NATO countries have imposed many economic sanctions on Russia in connection with the war on Ukraine, and the export of gold production in Russia has also been restricted. However, the United Arab Emirates (UAE) has now become a hub for Russian gold, as Russian crude oil is processed in India and China into refined petrol and diesel and sold in the American and European markets.

According to the data of the Russian customs department, 75.7 tons or 4.3 billion dollars of gold has been exported to the UAE in the Gulf through about 1000 shipments since the start of the war on Ukraine. In the entire year of 2021, Russia's export to UAE was only 1.3 tonnes. After this, China and Turkey have imported 20 tons of Russian gold. UAE, China and Turkey account for 99.8 percent of Russia's total gold exports.

In March 2022, the London Bullion Market Association, the world's largest gold trading hub and exchange, announced a ban on Russian gold. Before this, most of Russia's gold was sold in the London market. After London, the European Union, Switzerland, America, Canada and Japan also banned the purchase of Russian gold.

Market experts believe that Russian gold, like crude oil, can reach the US and European markets. Gold in the UAE can be melted down and re-sold in a new form from the UAE to America or London.

The American administration has offered that these three countries can enter the market of the Group of Seven nations freely if China, Turkey and the UAE implement the ban of other countries and stop the goods coming from Moscow. If this offer is accepted, it is expected that there will be more pressure on Russia's activity. Between February 2022 and March 2023, Russia has exported a total of 116.3 tons of gold. On the other hand, total gold production in Russia in calendar year 2022 was 325 tonnes. There is a possibility that the rest of the gold remained in the country or the government tried to cover up the truth by tampering with the export data.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more