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22 September 2016
Bloomberg
VTB Plans to Sell Up to 20 Tons of Gold to China in 2017

Russian gold may have advantage because its standard “is similar to preferred gold purity” in China, Sergey Nenashev, head of precious metals at VTB Capital. Next year, bank plans to ship 15-20 tons of gold to China. “Full capacity” of up to 100 tons/year may be reached “towards the end of 2018”. VTB Capital makes 25%-30% of gold purchases in Russia, offtake volumes of 70-90 tons of gold/yr. Bank buys 50-90 tons annually in international market. On India, China: “Our current strategy is to be the preferred partner for the official domestic importers into these regions”. In 2015, VTB Capital shipped 1,000 tons of silver, ~40 tons of gold to India; shipments this year seen at similar level. VTB Capital sees avg gold prices next year at $1,450/oz. 
Corporate Communications VTB Capital