Russia’s Sberbank Plans to Increase Gold Supplies to China


Russia’s Sberbank Plans to Increase Gold Supplies to China
Sputnik/ Pavel LisitsynBusiness06:15 05.09.2017(updated 14:19 05.09.2017) Get short URL22553340

Sberbank is planning to increase the supply of gold to China up to 10-15 tons in 2018.

MOSCOW (Sputnik) — The largest Russian bank Sberbank is planning to increase the supply of gold to China up to 10-15 tons in 2018, the head of Sberbank CIB, the bank’s investment department, told Sputnik.

“In July, our subsidiary bank in Switzerland started trading in gold in the Shanghai stock market. Under the pilot deal, we delivered 200 kilograms [440 pounds] of bars of gold to Chinese financial institutions. This year we are planning to additionally deliver about 3-5 tons of gold to China. Next year we expect the increase in deliveries to China of up to 10-15 tons. Perhaps we will even exceed this figure,” Igor Bulantsev said ahead of the third Eastern Economic Forum (EEF) in Vladivostok.

Bulantsev added that in February 2017 Sberbank’s subsidiary in Switzerland started the delivery of gold to India.

The EEF will take place on September 6-7 and is expected to gather over 3,500 participants from more than 50 countries.