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Russia Seeks New Ways to Sell Its $20-Billion-a-Year Gold Output

  • Miners and banks are exploring sales to China, Middle East
  • Central bank will resume purchases, but volumes may be muted
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'Russia-Linked' Metals to Rise Further: Fitch Solutions

Russia’s huge gold industry is searching for new ways to sell its metal, such as exporting more to China and the Middle East, as sanctions choke off its traditional sales routes.

The second-biggest bullion miner is finding European and U.S. markets largely closed because of a ban on newly produced Russian gold, and some refineries are refusing to remelt old bars. The country’s miners have typically sold to a few -- mostly state-run -- local banks such as VTB Bank PJSC and Bank Otkritie, which then export the metal, or until recent years to the central bank.