Objectives.Subject. The formation of new redistribution channels and the role of individual jurisdictions in the international gold trade. Objectives. Analysis of the transformation of the structure of Russian gold exports in 2014–2025. To substantiate the approaches and methods of economic and statistical analysis to assess the degree of participation of importing countries in redirecting the flows of Russian gold on the world market, to develop a coefficient of re-export ratios and to determine the impact of the identified trends on the economic security of the state. Methods. Structural and dynamic approaches to economic and statistical analysis, the index method, methods of cross-country comparisons, graphical interpretation of data and elements of mirror statistics are used. Results. It has been established that the decrease in gold exports from 2023 to 2025 is explained by a change in priorities in the monetary policy of the Bank of Russia and a shift in emphasis to increasing reserves in gold, which corresponds to the goals and directions of ensuring the economic security of the state. The countries of the Eurasian Economic Union concentrate the bulk of the remaining exports of Russian gold. Individual countries of the sanctions coalition maintain their presence in the import of Russian gold. The countries of the Asia-Pacific region demonstrate a steady positive trend in the import of Russian gold. The proposed coefficient of re-export ratios showed that individual countries are increasing purchases of Russian gold in volumes significantly exceeding their own export obligations, which indicates the formation of gold reserves, and a coefficient value of less than one indicates that importing countries are performing a redistributive function in international gold trade. Conclusions. The results obtained can be used for further analysis of the state of exports and imports of strategically important goods in foreign economic activity, as well as taken into account when making decisions on managing gold and foreign exchange reserves in order to eliminate threats to the economic security of the state.
Keywords: economic analysis, international economic relations, sanctions, gold exports, economic security of the state
References:
Arkhipov V.Ya. [Australia: gold mining and export]. Gornyi zhurnal, 2006, no. 10, pp. 107–108. (In Russ.) EDN: HUYUHL
Turgunova A.K. [Gold mining industry of the Kyrgyz Republic]. Tendentsii razvitiya nauki i obrazovaniya, 2022, no. 87-4, pp. 133–136. (In Russ.) DOI: 10.18411/trnio-07-2022-157 EDN: SLGQKH
Kalandarshoev G.A. [China's contribution to the development of the gold mining industry of Tajikistan]. Vestnik Tadzhikskogo natsional'nogo universiteta. Seriya sotsial'no-ekonomicheskikh i obshchestvennykh nauk, 2024, no. 4-1, pp. 189–194. (In Russ.) EDN: XGOMJH
Rastyannikova E.V. [Gold mining in the BRICS countries: new productive forces and labor productivity]. Innovatsii i investitsii, 2018, no. 8, pp. 91–95. (In Russ.) EDN: OTIBCV
Gishkaeva L.L., Dumbuya A. [Development of gold deposits in the Republic of Guinea: specificities and problems of development]. Ekonomika i biznes: teoriya i praktika, 2024, no. 12-2, pp. 103–105. (In Russ.) DOI: 10.24412/2411-0450-2024-12-2-103-105 EDN: JUTPBD
Pataki A.K. [Contemporary trends in the transformation of international foreign exchange reserve composition]. Ekonomika i predprinimatel'stvo, 2025, no. 12-1, pp. 517–521. (In Russ.) DOI: 10.34925/EIP.2025.185.12.083 EDN: JFIMAO
Barinov M.A., Vakulenko O.S. [Gold and foreign exchange reserves and the dollar exchange rate: a study of the relationship]. Ekonomicheskii vektor, 2025, no. 4, pp. 128–131. (In Russ.) DOI: 10.36807/2411-7269-2025-4-43-128-131 EDN: VYJSJI
Khan M.T.F. Russian and Chinese Gold Holdings: Strategies, Status, and Global Implications. Rossiiskoe kitaevedenie, 2026, no. 1, pp. 24–43. DOI: 10.48647/ICCA.2026.64.19.003 EDN: FULTDE
Strel'nikov A.A. [Transformation of the role of gold as a protective asset in the context of global macroeconomic instability]. Ekonomika stroitel'stva, 2026, no. 3, pp. 446–448. (In Russ.) EDN: EPMDKM
Andryushin S.A., Bukina I.S., Sviridov A.P. [Monetary policy of the bank of Russia and the development of the Russian economy in 2022–2025]. Vestnik Instituta ekonomiki Rossiiskoi akademii nauk, 2026, no. 2, pp. 7–27. (In Russ.) DOI: 10.52180/2073-6487_2026_2_7_27 EDN: AHWORH
Popov V.V. [Methodology of economic and statistical analysis of the state of economic security of the state]. Innovatsii. Investitsii, 2025, no. 2, pp. 52–63. (In Russ.) DOI: 10.25198/2077-7175-2025-2-52 EDN: EDN: RZWTCD
Shailieva M.M., Nesterenko Yu.N., Kukharenko O.G. [Digitalization in the mining industry of Russia – current development]. Vestnik RAEN, 2025, vol. 25, no. 2, pp. 168–180. (In Russ.) DOI: 10.52531/1682-1696-2025-25-2-168-180 EDN: VNNHJX
Mitchina T.E., Sannikov I.G. [Gold and its importance in the modern economy]. Finansovyi vestnik, 2025, no. 4, pp. 55–60. (In Russ.) EDN: TVBIHA
Lysenko V.A., Istomin V.S. [Analysis of the dynamics of gold exports and the international reserve of the Russian Federation]. Vestnik Amurskogo gosudarstvennogo universiteta. Seriya: Estestvennye i ekonomicheskie nauki, 2022, no. 97, pp. 187–193. (In Russ.) DOI: 10.22250/20730268_2022_97_187 EDN: CMLGHX
Zemlyanskaya S.V., Kudryashova I.V. [Factors and scale of gold exports from Russia]. Izvestiya Volgogradskogo gosudarstvennogo tekhnicheskogo universiteta, 2006, no. 7, pp. 16–18. EDN: HUUWLT
Tegin A.V. [Russian gold exports in the current environment: opportunities and financial risks]. Upravlenie finansovymi riskami, 2023, no. 1, pp. 64–71. (In Russ.) DOI: 10.36627/2221-7541-2023-1-1-64-71 EDN: VRFOKK
Balashev N.B., Dunaeva V.I., Inyushina N.A. [Comprehensive analysis of gold and foreign exchange reserves and the national welfare fund of RF]. Finansovye rynki i banki, 2026, no. 2, pp. 20–24. (In Russ.) EDN: XABCFL
Sobti N., Sehgal S., Ilango B. How Do Macroeconomic News Surprises Affect Round-the-Clock Price Discovery of Gold? International Review of Financial Analysis, 2021, vol. 78, no. 101893. DOI: 10.1016/j.irfa.2021.101893
Reboredo J.C., Uddin G.S. Do Financial Stress and Policy Uncertainty Have an Impact on the Energy and Metals Markets? A Quantile Regression Approach. International Review of Economics & Finance, 2016, vol. 43, pp. 284–298. DOI: 10.1016/j.iref.2015.10.043
Gulseven O., Ekici O. The Role of Real Estate and Gold as Inflation Hedges: The Islamic Influence. International Journal of Islamic and Middle Eastern Finance and Management, 2021, vol. 14, iss. 2, pp. 391–408. DOI: 10.1108/IMEFM-01-2019-0038
Dai Zhifeng, Zhu Haoyang, Zhang, Xinhua. Dynamic Spillover Effects and Portfolio Strategies between Crude Oil, Gold and Chinese Stock Markets Related to New Energy Vehicle. Energy Economics, 2022, vol. 109, no. 105959. DOI: 10.1016/j.eneco.2022.105959
Tarchella S., Khalfaoui R., Hammoudeh S. The Safe Haven, Hedging, and Diversification Properties of Oil, Gold, and Cryptocurrency for the G7 Equity Markets: Evidence from the Pre- and Post-COVID-19 Periods. Research in International Business and Finance, 2024, vol. 67, part B, no. 102125. DOI: 10.1016/j.ribaf.2023.102125
Mensi W., Ziadat S.A., Al Rababa'a A.R. et al. Oil, Gold and International Stock Markets: Extreme Spillovers, Connectedness and Its Determinants. The Quarterly Review of Economics and Finance, 2024, vol. 95, pp. 1–17. DOI: 10.1016/j.qref.2024.03.002
Liu Zixin, Hu Jun, Zhang Shuguang, He Zhipeng. Risk Spillovers among Oil, Gold, Stock, and Foreign Exchange Markets: Evidence from G20 Economies. The North American Journal of Economics and Finance, 2024, vol. 74, no. 102249. DOI: 10.1016/j.najef.2024.102249
Liu Ziheng, Zhang Jiahui, Gu Ran et al. Driving Effects of U.S. Monetary Policy and Geopolitical Risks on Gold Reserve Share. International Review of Financial Analysis, 2025, vol. 105, no. 104391. DOI: 10.1016/j.irfa.2025.104391
Arslanalp S., Eichengreen B., Simpson-Bell C. Gold as International Reserves: A Barbarous Relic No More? Journal of International Economics, 2023, vol. 145, no. 103822. DOI: 10.1016/j.jinteco.2023.103822
Lyubushin N.P., Letyagina E.N., Perova V.I. [Neural network analysis of the main challenges and threats to the economic security of the Russian Federation]. Ekonomicheskii analiz: teoriya i praktika, 2023, vol. 22, no. 4, pp. 598–619. (In Russ.) DOI: 10.24891/ea.22.4.598 EDN: UWAERX
Lyubushin N.P., Zaitsev D.E. [Economic analysis of adaptive efficiency based on comparative dynamic rating assessment]. Ekonomicheskii analiz: teoriya i praktika, 2025, vol. 24, no. 10, pp. 4–16. (In Russ.) DOI: 10.24891/jmimcu EDN: JMIMCU
Babicheva N.E., Lyubushin N.P. [Ecosystem approach use in the economic analysis of business entities]. Analiz. Audit, 2025, vol. 12, no. 1, pp. 15–26. (In Russ.) DOI: 10.26794/2408-9303-2025-12-1-15-26 EDN: UYQNNT
Mel'nik M.V. [Trajectory of development of economic analysis as an independent field of knowledge]. Ekonomika i upravlenie: problemy, resheniya, 2020, vol. 1, no. 8, pp. 170–182. (In Russ.) DOI: 10.36871/ek.up.p.r.2020.08.01.020 EDN: CRNDJZ
Barilenko V.I. [Expanding the complexity of economic analysis]. RISK: Resursy, Informatsiya, Snabzhenie, Konkurentsiya, 2021, no. 4, pp. 142–147. (In Russ.) DOI: 10.56584/1560-8816-2021-4-142-147 EDN: JNZWBA
Tolmachev M.N. [Retrospective analysis of the global metal production]. Analiz. Audit, 2025, vol. 12, no. 2, pp. 40–51. (In Russ.) DOI: 10.26794/2408-9303-2025-12-2-40-51 EDN: BWSLOQ
Tsypin A.P. [Technique of statistical research of macroeconomic dynamics on the basis of historical time series]. Ekonomika i predprinimatel'stvo, 2013, no. 10, pp. 282–288. (In Russ.) EDN: REESGZ
Pankova S.V., Kiseleva O.V. [Formation of a dynamic approach to the complex analysis of financial and economic activities of organizations]. Ekonomicheskii analiz: teoriya i praktika, 2012, no. 14, pp. 16–22. (In Russ.) EDN: OWDGOP
Tuyakova Z.S., Cheremushnikova T.V. [The key performance indicators system and its use in the rating of telecommunications companies competitiveness]. Ekonomicheskii analiz: teoriya i praktika, 2016, no. 1, pp. 54–68. (In Russ.) EDN: VILSOR
