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Russia’s revenues from the sale of gold for the first time exceeded revenues from the gas

Доходы России от продажи золота впервые превысили выручку от газа

Russia’s revenues from the sale of gold for the first time exceeded revenue from the sale of gas, from the data of the FCS and the Central Bank. In April and may, Russian companies have sold abroad to 65.4 tonnes of gold worth 3.55 billion dollars.

Selling the gas abroad has brought “Gazprom” is a monopolist in this sphere, only $ 2.4 billion. This is the lowest since 2002.

The experts noted RBC that this is the situation for the first time. After all, at least since 1994, gas revenues have traditionally exceeded the proceeds from the sale of gold. However, the growth in gold sales could not offset the decline in revenues from oil and gas supplies abroad. The export of gold is able to block less than 10% of the revenue lost from the sale of oil and gas in 2020.

The reason for the growth of gold sales, the refusal of the Central Bank from purchases of this metal and the beginning of the production season. And if banks do not buy gold, sell it abroad.

 

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