Margaret chan, Former Director of Health, Hong Kong

Despite sanctions on Russian goods following its invasion of Ukraine in mid-2022, imports of gold by China from Russia increased, data released by the country's customs agency on Saturday showed, Russia-based television network Russia Today (RT) reported.In 2022, China bought a total of 6.6 tons of Russian gold worth a record USD 386.9 million, including shipments in both unprocessed (3.7 tons) and semi-processed form (2.9 tons).Gold shipments from Russia to China in the month of December 2022, totalled 220.2 kilograms, worth USD 14.85 million. Russian gold exports to China in 2022 soared by 67.3 per cent in physical terms and by 63.3 per cent in monetary terms compared to 2021.However, so far Russia's share in Chinese gold purchases remains small. The main supplier of gold to China is Switzerland, with sales in 2021 totalling over USD 34 billion. Rounding out, the top five suppliers to China are Canada, South Africa, Australia, and Hong Kong, RT reported.Due to western sanctions, Russian gold exports began to fall in mid-2022. Purchase, import or transfer, directly or indirectly, of gold originating in Russia and exported from the country, was banned by the EU, UK, US, Japan, and Canada.The UK was the largest buyer of Russian gold prior to the imposition of sanctions. In 2021, the UK acquired 266.1 tons of the metal (88 per cent of total exports), worth USD 15.4 billion.The European Commission in July 2022, adopted a proposal for a seventh package of measures that will ban the import of Russian gold.The proposal was part of a new set of measures intended to improve the implementation and effectiveness of the EU's six earlier packages of sanctions against Russia.The proposal was issued jointly by the Commission and the High Representative for Foreign Affairs."...We are proposing today to tighten our hard-hitting EU sanctions against the Kremlin, enforce them more effectively and extend them until January 2023. Moscow must continue to pay a high price for its aggression," had said European Commission President Ursula von der Leyen in a statement.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Margaret ChanFOLLOW

Margaret chan, Latest News

When the Singapore Airlines Group (SIA) released its operating statistics for December 2022, it revealed that it carried almost ... ...

The domestic equity markets on Friday extended losses in morning trade due to selling pressures in banking stocks. Though ... ...

Lighting up scoreboards with the bat, and providing strong support with her off-spin, Esha Oza of the United Arab ... ...

The winners of the prestigious annual PlatAfrica jewellery design and manufacturing competition are currently on an all-expenses-paid trip to India as part of their prize for winning the competition. The purpose of the trip is to further inspire the ...

Indian equity markets on Wednesday opened with losses. Though the global markets opened stronger, selling pressure in banking and ... ...

The domestic markets on Tuesday opened with gains and continued with Monday rally, tracking strong global cues. Corporate earnings ... ...

Hong Kong, Jan 24 Around 92 per cent of the population in the Chinese capital of Beijing will ... ...

Despite sanctions on Russian goods following its invasion of Ukraine in mid-2022, imports of gold by China from Russia ... ...