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Looks like gold is excellent for getting around U.S. sanctions
Russia Begins Paying China Traders Using Couriered Gold in Hong Kong
From RussiasPivotToAsia.com
Thursday, September 12, 2024
Some Russian businesses have begun using gold to pay Chinese suppliers to get around U.S. sanctions and threats of sanctions against Chinese banks affecting Russia-China bank transfers.
The alternative solution means that gold is purchased in Russia, transported by private courier to Hong Kong, where it is sold, and the cash is deposited into the Chinese suppliers' account at a local bank.
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In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available.
In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.
Hong Kong is a free port and does not levy any import duty on gold, although it is mandatory to declare the gold to Hong Kong customs upon arrival.
The declaration process is straightforward and the associated fees are minimal. However, proper declaration is crucial to ensure compliance with Hong Kong's regulations and to avoid any legal complications. The process avoids all use of the banking system except for the deposits into secured Chinese bank accounts.
Russian couriers transport the gold and its ownership documents across the border and obtain an authentication seal and receipt signature from Chinese brokers, who then provide cash, which can be used to settle transactions with Chinese suppliers. ...
... For the remainder of the report:
https://russiaspivottoasia.com/russia-begins-paying-china-traders-in-hong-kong-using-couriered-gold/
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