By takumihamano 
The gold trade involving Russia has been a topic of significant interest and concern, especially given the geopolitical and economic implications. Here are some key developments and insights into Russia’s gold trade:
- Zijin Mining Discovery: Zijin Mining, a Chinese firm, has uncovered a major gold and copper deposit in Eastern Serbia, known as Malka Golaja. The deposit contains approximately 150 million tonnes of ore, including 92 tonnes of gold. This discovery boosts Serbia’s gold reserves, which currently range from 700 to 1,000 tonnes. The proximity of this deposit to the Čukaru Peki mine suggests further exploration potential and significant economic benefits for Serbia and its trade partners, including Russia.
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Impact of US Sanctions: NIS, a Serbian oil company majority-owned by Russian Gazprom, is facing difficulties sourcing oil internationally due to impending US sanctions. These sanctions, though delayed, are already impacting NIS’s operations, with former clients seeking alternative fuel suppliers. The sanctions are part of broader economic measures that could affect Russia’s trade dynamics, including its gold trade.
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Economic Growth and Trade: Serbia’s foreign trade in the first two months of 2025 totaled EUR 11.1 billion, a 4.7% increase year-on-year. While exports slightly decreased, imports rose significantly, leading to a higher trade deficit. Trade with European Union countries accounted for 56.1% of total trade, with a notable surplus recorded with CEFTA countries. This economic activity, including the gold trade, is crucial for Serbia’s growth and its relationship with Russia.
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Energy Security and Strategic Planning: A conference in Belgrade titled “Energy Security – Challenges and Perspectives” highlighted Serbia’s response to the energy crisis and strategic planning to protect national interests. The unresolved status of the Serbian Oil Industry (NIS) and energy as an instrument of Russian hybrid warfare were key topics. Recommendations included eliminating Russian ownership in NIS and increasing the energy security index, which could indirectly influence Russia’s gold trade and economic strategies.
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US Tariffs and Economic Impact: US President Donald Trump’s new tariffs have caused significant economic shifts, including a drop in the USD to its lowest level in two and a half years. These tariffs, while not directly related to gold, affect global trade dynamics and could influence Russia’s economic strategies, including its gold trade.
In summary, Russia’s gold trade is intertwined with various geopolitical and economic factors, including significant discoveries in Serbia, the impact of US sanctions, and broader trade and energy security issues. These developments highlight the complexity and importance of Russia’s gold trade in the global economic landscape.