by Mike Maharrey, Gold Seek:

Russian businesses are using gold to pay Chinese suppliers as a way to skirt economic sanctions.

According to the Russian website Russia’s Pivot to Asia, Russian businesses are buying physical gold in Russia and then transporting it to Hong Kong via courier. There, the gold is sold, and the cash is deposited into the bank accounts of Chinese suppliers to pay for goods and services.

With their access to dollars cut off, Russian suppliers have an alternative way to purchase supplies, and the process also shields Chinese banks from sanction threats.