Russian Gold Sales Plummet in 2025

Where Have Russia’s Gold Sales Gone? Breakdown and China Context SocGen Notes: Between 2022 and 2024, Russian gold moved indirectly through Kazakhstan and Uzbekistan, which then re-exported tonnage to the UK and Switzerland. In 2025, this mechanism ceased. Summary SocGen’s Commodity Compass (November 2025 via ZH) identifies a significant interruption in Russia’s gold export activity. Between 2022 and 2024, Russian output moved indirectly through Kazakhstan and Uzbekistan, which then re-exported tonnage to the United Kingdom and Switzerland. In 2025, this mechanism ceased. Both nations report export volumes below domestic output, and Russia’s central bank holdings remain stable at approximately 2,326…