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Russia rejoices surge in gold prices while world complains — it reaps $216 bn windfall

Russia has capitalized on a surge in global gold prices, benefiting from an estimated $216 billion windfall despite its gold being barred from Western markets. The country, which produces over 300 tonnes of gold annually, has found itself in a unique position amid the economic consequences of the ongoing war in Ukraine.

Reuters

Reuters

Credit: Putin and Prime Minister Narendra Modi in New Delhi. File/

Key Highlights

  • Russia produces more than 300 tonnes of gold annually.
  • The country has reaped an estimated $216 billion from rising gold prices.
  • Russian gold has been barred from Western markets since 2022.
  • The London Bullion Market Association has delisted Russian bullion.
  • Russia is now an unexpected beneficiary of the global gold rally.
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Sources

  1. Russia rejoices surge in gold prices while world complains — it reaps $216 bn windfall

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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