Russia’s VTB Aims to Supply up to 100 T Gold to China Per Year

April 27, 2016

VTB Bank, Russia’s second-largest lender, aims to supply between 80 and 100 tonnes (2.57-3.22 million troy ounces) of gold to China per year, the bank said on Tuesday after it started the shipments.

VTB said earlier on Tuesday it had dispatched its first batch of gold to China, becoming the first Russian bank to start direct supplies of physical gold to the world’s largest buyer and consumer of the precious metal.

“The volume of the first supply totalled one tonne of gold. It was sold directly to one of China’s largest financial institutions in April,” the bank said in a written reply to questions from Reuters.

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