Russia gold exports doubled in 2017

In 2017, Russia Twice as much gold exported as in the previous year, the Russian state smelter announced. A total of 56.6 tonnes of gold went abroad last year, compared to 22.4 tonnes a year earlier.

According to Russia's state-owned smelter, which operates under the supervision of the Ministry of Finance, a total of 306.9 tonnes of gold was purified last year, up 6.4% from 288.6 tonnes in 2016. Of this, 18.4% was destined for export, while the remaining 223 tonnes of gold found its way to the Central Bank of Russia.

According to RIA Novosti, banks in Russia decided to sell less gold abroad in the second half of 2016, as the gold price fell to $1,200 per troy ounce. When the price started to rise again, the banks decided to sell the precious metal. Russia exports gold to China and Kazakhstan, among other places.

Russia gold exports doubled in 2017