Gold mining in Russia - statistics & facts
Russia holds the second-largest mine gold reserves worldwide. As of 2023, the mine reserves stood at over 11,000 metric tons, only lower than Australia's. Furthermore, Russia produced the third-largest volume of gold after China and Australia, measuring at over 300 metric tons. Russia's gold mining industry is mainly located in the Siberian and the Far Eastern Federal Districts. The major producing regions are the Krasnoyarsk Krai and the Magadan Oblast.
Metals are the second-leading export commodity of Russia after mineral products. Furthermore, sanctions targeting the gold industry could harm Russian banks and wealthy individuals. Sales to Hong Kong contributed the most to Russia's gold export revenue, at around 5.2 billion U.S. dollars in 2023. Russia was the 11th-largest gold exporter worldwide.
In spite of the sanctions, the Russian gold mining sector continues to be a major contributor to the country's economy. The production volume of gold has not significantly decreased in 2022 and 2023, and the Russian Central Bank's gold holdings have remained stable in recent quarters.
Gold mining companies
The leading producer of gold in Russia is Polyus, a public joint-stock company (PJSC) founded in 2006. Four out of five largest gold mines in Russia, including the one with the highest production volume, Olimpiada, are operated by Polyus. In 2023, the company's revenue peaked at over 5.4 billion U.S. dollars. Solidcore Resources, formerly Polymetal International, another major producer, changed its headquarters from Jersey to Kazakhstan in 2023 and sold its Russian assets, now Polymetal, to Mangazeya Plus in 2024. While folding up its presence on the Russian market in response to the war in Ukraine, Kinross Gold sold the mine complex to Highland Gold Mining, a UK-based company focusing on operations in Russia.Russian gold import ban
A ban on gold imports from Russia was a part of the Western sanctions over the Russian invasion of Ukraine in 2022. G7 countries (Canada, France, Germany, Italy, Japan, the UK, and the U.S.) prohibited them in June 2022. The reasoning behind the ban was the significant role of gold as an income source in Russia's budget. Moreover, major companies like Polyus, Kinross, Petropavlovsk, Nord Gold, and others face restrictions.Metals are the second-leading export commodity of Russia after mineral products. Furthermore, sanctions targeting the gold industry could harm Russian banks and wealthy individuals. Sales to Hong Kong contributed the most to Russia's gold export revenue, at around 5.2 billion U.S. dollars in 2023. Russia was the 11th-largest gold exporter worldwide.
In spite of the sanctions, the Russian gold mining sector continues to be a major contributor to the country's economy. The production volume of gold has not significantly decreased in 2022 and 2023, and the Russian Central Bank's gold holdings have remained stable in recent quarters.
