When oil prices rise, the cap begins to work, but not in the way EU politicians imagine," he added. Expanding settlements in national currencies better protects foreign trade from external pressure, the Russian Finance Ministry’s press service told Izvestia. According to a report by Expert RA, the conflict in the Middle East triggered an increase in oil prices and intensified inflationary pressures, leading to a correction in gold prices. Gold prices have fallen from their record highs reached earlier this year ($5,620 per ounce) to around $4,000 per ounce by mid-July. According to Expert RA, alongside rising gold prices, companies have also faced an increase in unit production costs.