According to foreign media, statistics from the Russian Federal Customs Service and the Central bank show that in the second quarter of 2020, Russia's gold export income exceeded the foreign sales of natural gas.

According to the latest statistics from the Federal Customs Service, Russia exported 66 tons of gold, totaling $3.58 billion, in April and May. Gazprom's gas exports during this period were $2.44 billion.

Russia's gas exports totalled $3.5bn in the second quarter, the lowest since 2002, according to the central bank's website.

Remarkably, Russian gold exports in April-May 2019 were only $247 million, compared with $5.75 billion for natural gas, the report said. In other words, Russian gold exports to foreign countries have increased more than 14-fold in a year, while gas exports have fallen by almost half.

"It has to do with what's happening to the prices of these commodities in the international market," said BKS senior analyst Vitaly Gromangin. Since the beginning of 2020, gas prices in the EU, one of Russia's key gas markets, have fallen by 60%, while international gold prices have risen by 20% over the same period."

In July, gold breached $1,800 an ounce for the first time since November 2011, according to nyMEX data. Experts say investors have always been keen to buy precious metals as a reliable means of preserving capital amid growing uncertainty about the world economy.

Arseni Dadashev, director of the Russian Institute of Finance and Investment Management, said: "The rise in gold prices is related to investors' fears of a second coVID-19 outbreak and the consequent delay in the world economic recovery."

In addition, experts believe that the increase in gold exports is related to the change of the gold sales system in Russia's domestic market. Russia's central bank, for example, suspended gold purchases from April 1.

Valery Yeryanov, an analyst at Investment firm Free Finance, said: "Until now, the Central bank has been the main customer of RDRV and its partner Banks. The gold companies' partner Banks also buy gold for later resale to central Banks. Russia produces 3.5 million tons of gold a year, second only to China. Without the central bank, such a large amount of gold cannot be sold entirely in the Russian market."

Analysts also linked the decline in Russian gas sales to the impact of the COVID-19 outbreak, the report said. Most of the world has seen a dramatic decline in business activity, with businesses closing down and traffic plummeting, according to Mark Goichmann, chief analyst at Trout Solutions. As a result, demand for fuels, including natural gas, has declined.

"A mild winter [last year] in Europe also led to a significant reduction in gas exports," Mr Goymann said. Ordinary consumers who use natural gas to heat their homes are using less gas because temperatures are above freezing. In addition, due to the uncertain supply outlook via Ukraine, Russian gas importers in Europe have accumulated enough gas in advance by the end of 2019, which also contributes to the surplus of Russian gas in 2020."

Meanwhile, experts believe the current energy market is only temporary and that Russia will significantly consolidate its position as the world's leading supplier of natural gas in the coming years, the report said. According to the International Energy Agency, 20% of the increase in world gas supply between 2019 and 2025 will come from Russian gas exports.