www.bloomberg.com
Since invading Ukraine, Russia has earned over $3 billion in extra revenue from selling the gold it mines, thanks to a surge in global prices driven by investor demand. This profit is comparable to the amount of Russian sovereign funds frozen in European banks. Faced with Western sanctions and being cut off from the London market, Russia has increased gold exports to China, Turkey, and the UAE. As global trade norms fracture, the Kremlin is using these windfall profits to finance its war economy and reduce reliance on the US dollar.
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