Gold exports from Russia in second quarter 2020 exceeded the export of pipeline gas in monetary terms, reported RBC, sourcing data from the Federal Customs Service (FCS) and the Central Bank (CB).
In April and May, Russian companies exported 66.4 tons of gold for $3.58 billion, according to statistics from the FCS (the service has not yet published data for June). According to the FCS, over these two months, Gazprom, partially state-owned multinational energy corporation, sold $ 2.4 billion worth of fuel abroad. According to the CB’s preliminary estimate, in the second quarter, exports of pipeline gas brought Russia $3.5 billion in revenue, less than gold exports in only two months.
Fitch Solutions has projected Russia will grow its gold output and reserves in light of expanding U.S. sanctions. That wil