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In this article the author draws on materials including government policies, corporate and media reports, and analysis of industry trends, to describe the development of Russia’s gold industry since 2000. The growth of the sector exemplifies the Putin administration’s determination to increase production and exports in the natural resource sectors, and offers further evidence of how Russia’s ‘limited access’ system of political economy functions. The author then examines how the industry has responded to Western pressure since the invasion of Ukraine in February 2022. This provides insight in to how the sector is faring, how it is re-orienting to non-European markets, and the practical measures corporations have taken to evade sanctions and find new suppliers. The author argues that if this industry, and other metals and mining industries, can succeed in these efforts, they will provide a boost to Russia’s effort to sure up essential export revenues.

How are Russia’s industries adapting to Western economic pressure? The case of gold