OREANDA-NEWS Russia, one of the world's leading producers and exporters of gold, has changed its routes for the export of precious metals, bypassing the UK. According to Bloomberg, after the sanctions were imposed, most of the Russian gold stopped being sent to British vaults in London.

Instead, the metal is sent to Dubai. More recently, Russia has begun to pave the way to Hong Kong, the largest consumer market for gold bars. This is reported by the ABN with reference to Bloomberg. This year 68 tons of Russian gold were imported to Hong Kong alone, which is four times more than in the entire previous year. This maneuver is connected with Russia's desire to strengthen trade with its Chinese neighbor, with whom the country is developing close friendly relations. China is also providing Moscow with diplomatic and economic support in response to Western sanctions, mitigating their consequences.

Another factor that contributed to these changes is the rise in gold prices in China, where it is sold at higher prices than on other sites. This attracted the attention of banks with an import license and created favorable arbitration opportunities for their activities.