Russia Is Leveraging Gold and Working with China to Bypass Western Sanctions

Commentary

Nov 26, 2024

Russian President Vladimir Putin speaks with Chinese President Xi Jinping before an extended-format meeting of heads of the Shanghai Cooperation Organization summit (SCO) member states in Samarkand, Uzbekistan, September 16, 2022, photo by Sergey Bobylev/Pool via Reuters

Russian President Vladimir Putin speaks with Chinese President Xi Jinping before an extended-format meeting of heads of the Shanghai Cooperation Organization summit member states in Samarkand, Uzbekistan, September 16, 2022

Photo by Sergey Bobylev/Pool via Reuters

This commentary was originally published by Kyiv Independent on November 26, 2024.

Since the West imposed unprecedented economic pressure on Russia following its full-scale invasion of Ukraine, the country's trade practices have undergone a dramatic transformation, with Russian international trade increasingly occurring in the shadows. Access to the goods it needs now depends on constant scheming. Given that Russia operates under informal rules, this shift comes naturally.

Understanding this—and, particularly, the role of Russia's new patron, China—could help ensure that pressure on Russia's war economy is applied most effectively.…

The remainder of this commentary is available at kyivindependent.com.

More About This Commentary

This op-ed is based on the RAND report “Gold Rush: How Russia is using gold in wartime,” authored by John Kennedy, Elena Grossfeld, and Zsofia Wolford, and Thomas Kenchington, and published on Sept. 9, 2024. The opinions expressed in the op-ed section are those of the authors and do not necessarily reflect the views of the Kyiv Independent.