MOSCOW, June 27. /TASS/. The ban on Russian gold import by members of the Group of Seven (G7) can create artificial deficit on markets of such countries and provoke the price rally on global markets, Gazprombank experts say.
"We see introduction of restrictions on import of gold from Russia can create the artificial metal shortage on markets of abovementioned countries, which can entail in its turn the increase of gold prices on global markets. We also believe Russia will be able to redirect gold supplies to Asian countries but refocusing of gold supplies can take time and will probably scale up logistical expenses," experts said. The risk exists that the domestic gold price determined by the purchase price of the Bank of Russia will be below the global one, they note.
This piece of news is negative to a greater degree for Polymetal Company, the exporter of gold produced in Russia, and to a lesser degree for Polyus, which is selling all gold inside the country, Gazprombank says.
According to the Russian customs service, the country exported 302 tonnes of gold as of 2021 year-end, with revenues from sales totaling $17.36 bln.