| Issue |
E3S Web Conf.
Volume 431, 2023
XI International Scientific and Practical Conference Innovative Technologies in Environmental Science and Education (ITSE-2023)
|
|
|---|---|---|
| Article Number | 03002 | |
| Number of page(s) | 8 | |
| Section | Mining, Geology and Geotechnology | |
| DOI | https://doi.org/10.1051/e3sconf/202343103002 | |
| Published online | 13 October 2023 | |
State of gold mining industry in the Republic of Sakha (Yakutia) in the period of sanctions and restrictions
North-Eastern Federal University, NEFU, 677027 Yakutsk, Republic of Sakha (Yakutia), Russia
* Corresponding author: nikvalentina2010@yandex.ru
The gold mining industry is one of the strategic sectors of the Russian Federation's economy. It plays an important role in the socio-economic development of Russia and its constituent entities. The Republic of Sakha (Yakutia) is one of the leading gold mining regions of Russia. Recent changes caused by political and economic events that occur in the global and domestic gold markets are of great interest to researchers. This article examines the consequences of the US and EU sanctions on Russian gold in 2022, reveals the level of impact of sanctions on the development of the gold mining industry of the Republic of Sakha (Yakutia) and the country as a whole. For this purpose, the analysis of the world gold market, the current state of the gold and foreign exchange reserves of the Russian Federation compared to other countries, the resource potential of gold mining companies in the region, and the prospects for its replenishment are evaluated. It is revealed that the US and EU sanctions on Russian gold for gold mining companies can cause mainly temporary difficulties. Russia can reorient its sales market to friendly countries and countries in the Asia-Pacific region. In this direction, the Republic of Sakha (Yakutia) will have a favourable position in terms of geographical location and promising projects.
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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