Russia earned $15.2 billion in gold exports in 2021
Gold is critical to Vladimir Putin's sanctions-busting strategy and the G7 ban on Russian gold, could be a serious fightback against a resilient Russian economy. I wonder what Kremlin has in store for this, maybe continue to stockpile the metal, we will see.
"Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," US president Joe Biden tweeted.
The movement of the gold price will interesting to watch and South African miners and state revenues may see a boon.
But not the majority of the people of SA. They never benefit from gold price boons. We are spectators.
Russia had long taken stock of the sanctions weapon and even gold as a safe haven, long before even Biden became POTUS. The Russian Bear can survive the harshest Siberian winters. It does always. It's part of their DNA.
Source- https://www.euronews.com/2022/06/26/g-7-leaders-to-announce-ban-on-russian-gold-imports-in-latest-sanctions-against-kremlin
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