Emirates have become a key center of trade in russian gold after the introduction of sanctions – Reuters
During the year of war with Ukraine, the turnover of russian gold in the UAE increased 70 times
The United Arab Emirates has become a key trading center for russian gold after Western sanctions cut off russia's more traditional export routes.
Source. Reuters
According to russian customs data, in 2022, the UAE imported more than 75 tons of russian gold worth $4.3 billion. For comparison: In 2021, the UAE imported only 1.3 tons.
The next largest destinations for russian gold were China and Turkey; each country imported about 20 tons from February 24, 2022 to March 3, 2023. According to customs data, the UAE, Turkey and China accounted for 99.8% of russian gold exports during this period.
Against the backdrop of such statistics, experts warn of risks: russian gold could be melted down and re-enter the US and European markets in disguise.
At the same time, the UAE Government's Gold Bullion Committee stated that the country has clear and reliable processes against illegal goods, money laundering, and sanctioned organizations:
"The UAE will continue to trade openly and fairly with its international partners in accordance with all applicable international norms set by the United Nations," the statement said.
The manager of one company that has been sending large volumes of russian gold to the UAE told Reuters that russian firms are selling bullion at a discount of about 1% compared to world prices, stimulating demand. He also said that most of the gold his firm sent to the UAE was destined for refineries, where it would be melted down.
Background. According to the study, the price of gold has risen by about 8% this year.
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