Gold would be one of the commodities enabling payments between China and Russia. According to market analysts, the abundant Russian gold stash, representing almost a third of the country’s reserves, could be key in sidestepping the current trade difficulties originated by economic sanctions. “While it’s unclear how much of a role gold plays in Russia’s trade with China, it is certainly becoming a growing feature,” analysts argue, underscoring that Russian companies were moving gold to Hong Kong, selling it and paying in local currency for the imports owed. These, unlike other payment methods, have still to be blocked by Chinese banks, which have already stopped receiving Russian payments in some cases.”The pressure on Beijing to assist Moscow is unlikely to subside, and gold offers a range of possibilities to extend and obfuscate their cooperation,” they concluded.
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