Gold embargo: the collapse of commodity exports or a unique chance for Russia?


Domestic economy received another sanctions blow from the collective West. The countries of the so-called "Big Seven" decided to ban the import of Russian gold, and now they intend to follow their example in the European Union. What is it for us: another "horror-horror" or, on the contrary, a unique window of opportunity?


"Golden" times


The fact that Russian precious metals could fall under sanctions restrictions after oil and gas was clear for a long time. The decision of the London Bullion Markets Association (LBMA) to exclude Russian gold producers from its accredited Good Delivery list can be considered the first sign.

Recall that the UK is considered the world's largest gold trading hub, and domestic refineries have lost the opportunity to sell their products according to international standards in their usual markets, except at a significant discount. For them, this immediately became a very heavy blow, and they actually came out with a demand to oblige the Central Bank of the Russian Federation to buy gold from them without the discount imposed on them. The idea of ​​creating a state “gold piggy bank” in Russia began to be actively discussed in the expert community, which was even supported by the Ministry of Finance of the Russian Federation. As part of the State Fund of the Russian Federation, a mobilization reserve of precious metals and stones may soon appear.

But the enemy does not sleep. United States President Joe Biden tweeted that the GXNUMX countries had agreed to ban Russian gold imports:

The G7 countries will together announce that they will ban the import of Russian gold, the most important export item that brings Russia tens of billions of dollars.

Restrictive measures will apply to both mined and refined gold. It is alleged that this is done in order to hit the income of Russian oligarchs. US Secretary of State Anthony Blinken estimates that up to $19 billion will fall out of total export volumes:

This is Russia's second largest export after energy. Gold exports amount to $19 billion a year, with the bulk of it coming from the G7 countries.

At the same time, the entire European Union is also ready to join the sanctions against domestic precious metals. It is assumed that the economic indicators of our country will drop by 15%.

Is everything as scary as it seems in reality, and what to do now?

On the one hand, the experience of Iran, which has been living under a hood for decades, proves that there are no such sanctions that it is impossible to find a loophole to circumvent. Probably, Switzerland will now become such a “window”. This small European country, not officially a member of the European Union, is home to four of the world's largest gold refineries, which together process two-thirds of the world's gold. One of them, called Argor-Heraeus, made it clear that he was ready to accept gold from Russia for processing if it was documented that these deliveries would not bring financial benefits to a Russian individual or legal entity. And then, as they say, equipment.

Also, let's not forget that gold is not only a precious metal or a store of value, but also a valuable material widely used in industry. For the production of billions of microcircuits in Southeast Asia, a huge amount of technical gold, doré, is constantly required. So it will not be possible to block the sale of the Russian precious metal, gold will pave its own way.

On the other hand, a truly unique situation is emerging today. The collective West itself "cuts out" Russia from the "globalist" system of the world order, literally forcing it to create its own alternative project. And our natural resources allow us to take a real step in this direction.

So, after gas, the export of all, absolutely all Russian resources should be transferred to payment in rubles, carrying out a real “de-dollarization” of the economy, about which domestic “syslibs” could only chatter. Let the world community get used to the sight of our ruble. The artificial restrictions imposed by the collective West on the export of Russian gold make the return of the gold standard almost uncontested. Our ruble, enforced for exported oil, gas, timber, grain, weapons and everything else backed by gold, will allow Russia to become an alternative center of economic integration, however ironic it may sound to some now.

About how quickly the transfer of the ruble to the gold standard by Comrade Stalin helped to raise the economy of the war-torn country, we detail told previously. In 2019, the proposal to use the recipes of the USSR caused a real hysteria among the domestic liberal public. By June 2022, in theory, the brains of many should already have been "corrected", if even Dmitry Medvedev went to war with the collective West.
17 comments
Information
Dear reader, to leave comments on the publication, you must sign in.
  1. Victor Du Offline Victor Du
    Victor Du (Victor) 27 June 2022 12: 20
    +2
    ... if even Dmitry Medvedev went to war with the collective West ....

    Well, now the West is finished. The Fifth Horseman of the Apocalypse is coming.
  2. Bulanov Offline Bulanov
    Bulanov (Vladimir) 27 June 2022 14: 50
    +3
    The decision of the London Bullion Markets Association (LBMA) to exclude Russian gold producers from its accredited Good Delivery list can be considered the first sign.

    The second sign may be the decision to give a damn about the London Precious Metals Markets Association (LBMA), and create your own association.
    If Russian gold falls out of world trade, then its price will immediately rise. See gas for the EU! And when the price rises, Asia and Africa will buy up the gold sold by Russia at decent prices.
    Neither the Egyptian pharaohs nor the Roman emperors thought of such stupidity as a ban on the sale of gold! Do the British and Americans consider themselves smarter than them? Oh well! Finish like King Midas!
    1. Rusa Offline Rusa
      Rusa 27 June 2022 23: 53
      +3
      Russia has the opportunity to increase its gold reserves and tie the ruble to gold, to sell national wealth like gas for rubles. Other times have come, the state of the Russian Federation needs to take care of the welfare of the common people, first of all, and not about the oligarchs and other comprador bourgeoisie.
  3. zenion Offline zenion
    zenion (zinovy) 27 June 2022 15: 56
    -6
    If Russia is thinking of creating microchips and stuff, then gold is necessary. In the days of the USSR, when electronics parts were made, there was not enough gold. Now, "thank God" they do not do anything electronic, except for galoshes, there is enough gold and there is a sale as scrap metal. We will have to return to galoshes again and make gold fasteners for them and anti-slip devices made of gold, it will not rust from winter to winter. Africans really like galoshes with golden horseshoes that do not slip on the sand.
  4. FGJCNJK Offline FGJCNJK
    FGJCNJK (Nikolai) 27 June 2022 16: 03
    +3
    This fucking "seven" is definitely hysterical and does not know what to do next. The more sanctions, the stronger Russia, and this is good news.
  5. boris epstein Offline boris epstein
    boris epstein (Boris) 27 June 2022 16: 28
    +2
    Restrictive measures will apply to both mined and refined gold. It is said that this is done in order to hit income of Russian oligarchs. US Secretary of State Anthony Blinken estimates that up to $19 billion will fall out of total export volumes:

    One of the exit options is the complete nationalization of the extraction, processing, use or trade of precious metals and their use primarily in the interests of their country.
    1. Eduard Aplombov Offline Eduard Aplombov
      Eduard Aplombov (Eduard Aplombov) 27 June 2022 16: 35
      -2
      what nonsense
      this is not a military industry. let private traders mine and modify production and production. why plant and place officials. as if there was no example of the USSR.
      it is enough for the state to regulate the production and sale of precious metals, there is an example of regulating the trade in grain. oil, gas, quotas, duties. bans and with a creak, but it starts to work
  6. Expert_Analyst_Forecaster 27 June 2022 18: 26
    0
    This is Russia's second largest export after energy in terms of income. Export of gold is 19 billion dollars a year.

    Nonsense.
    19 billion can be received in ten last 10 years. And that's not a fact.
  7. Sergey Latyshev (Serge) 27 June 2022 22: 22
    -2
    Yes, Dmitry Medvedev went to war with the collective West, now he's a mess ...
    True, Pushkov used to go, and Kadyrov, and Zhirik .... but there is still no "kaptsa" ...
    1. Ruriks127 Offline Ruriks127
      Ruriks127 (Ivan) 28 June 2022 11: 36
      -2
      But the Georgians do not agree with you smile
    2. Marzhecki Online Marzhecki
      Marzhecki (Sergei) 28 June 2022 11: 37
      0
      Well, you can laugh, but DAM is a clinical liberal. If he changed his shoes, then this means a big change in the minds of our "elites". Everything starts from the head.
      And yes, you can screw up. Funny.
  8. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 27 June 2022 22: 48
    0
    They don’t want gold, the USA will fill up with paper banknotes
  9. Muscool Offline Muscool
    Muscool (Glory) 28 June 2022 08: 17
    0
    Quote: Rusa
    national wealth as gas to sell for rubles.

    We were paid in foreign currency for gas, and they pay us, just to an account in our bank, which already independently makes an exchange for rubles.
    None of the Western companies sits on the stock exchanges in search of rubles, but as before, they pay in foreign currency
    1. Marzhecki Online Marzhecki
      Marzhecki (Sergei) 28 June 2022 11: 35
      0
      Quote from Muscool
      We were paid in foreign currency for gas, and they pay us, just to an account in our bank, which already independently makes an exchange for rubles.
      None of the Western companies sits on the stock exchanges in search of rubles, but as before, they pay in foreign currency

      The currency on the stock exchange is now being changed by Gazprombank as an intermediary. This can be changed, right?
    2. Pivander Offline Pivander
      Pivander (Alex) 29 June 2022 08: 46
      -1
      Quote from Muscool
      Quote: Rusa
      national wealth as gas to sell for rubles.

      We were paid in foreign currency for gas, and they pay us, just to an account in our bank, which already independently makes an exchange for rubles.
      None of the Western companies sits on the stock exchanges in search of rubles, but as before, they pay in foreign currency

      It pays in foreign currency, but the transaction is considered completed only when Gazprombank exchanges the currency on the stock exchange for rubles, and credits the rubles to Gazprom's ruble account. So Gazprombank does not have its own currency on its accounts. Only the client's currency. And let her be arrested at least 100500 times.
  10. kriten Offline kriten
    kriten (Vladimir) 29 June 2022 09: 35
    0
    This can be considered a chance only when the tsar deprives the liberals, adherents of the old course, of the resources to command the economy. But he is prevented from doing this by his inner circle, which is almost all multimillionaires who have lost a lot today and most importantly their desire to return to yesterday.
  11. Luenkov Offline Luenkov
    Luenkov (Arkady) 29 June 2022 09: 39
    +1
    Already for 3 months there is a limit on gold on the market. Why does it smell so bad now?