Russia's gold production surges amid Russia-Ukraine conflict

Moscow – Despite the various sanctions imposed amid the Russia-Ukraine conflict, Russia has managed to increase its gold production. In 2022, Russia produced 320 tons of gold from its mines. After that, the increase in production was reported in the first three months of 2023, according to the Russian agency ‘Rosstat’. Gold production increased by more than nine per cent in the first quarter of 2023 compared to the first quarter of 2022.

Moreover, after the Russia-Ukraine conflict started in March last year, Russia cancelled VAT on gold purchases. Due to this, the investment in gold by Russian citizens has also increased. It came to light that Russian citizens bought 75 tons of gold in the last year. With increased demand from the Russian public, Russian companies also started efforts to increase gold production. Therefore, Russia has maintained second place in the world in gold production.

Furthermore, the total production of gold in 2022 was 3,612 tonnes; compared to 2021, it has increased by one per cent. The World Gold Council has informed that production in 2022 will be the highest since 2018. While increasing the production of gold, the Central Bank of Russia has also continued to add to the gold reserves, and the gold reserves in the country have reached 2,298 tonnes.

Meanwhile, the Central Bank of Russia believes the Russian economy will grow by 4.5 to 6.5 per cent in 2023. Russia’s growth rate has also been predicted to be four per cent in 2024.

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