The Arab Emirates became a key center of trade in Russian gold
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The United Arab Emirates became a key center for Russian gold trade after Western sanctions blocked Russia’s more traditional export routes. This is reported by Reuters with reference to the data of the Russian customs.
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Import of gold
The data, containing information on almost a thousand gold shipments per hour since the beginning of the invasion of Ukraine, show that the UAE imported 75.7 tons of Russian gold worth $4.3 billion — compared to 1.3 tons during 2021. China and Turkey were the next largest destination countries, each of which imported about 20 tons between February 24, 2022 and March 3, 2023. Together with the UAE, these three countries account for 99.8% of Russian gold exports according to customs data for this period.
Read: The Fed and the ECB have had their say on interest rates: why gold continues to rise
As the publication reminds, in the first days after the start of a full-scale war in Ukraine, many international banks, suppliers of logistics services and factories for the processing of precious metals stopped working with Russian gold, which was usually sent to London.
But the London Precious Metals Market Association banned Russian bullion from March 7, 2022, and by the end of August, Great Britain, the European Union, Switzerland, the United States, Canada, and Japan joined this decision. However, export data show that Russian gold producers quickly found new sales markets in countries that did not impose sanctions against Moscow, such as the UAE, Turkey and China.
Read: Russia continues gold trade despite Western sanctions — Bloomberg
In turn, the committee on gold bars under the UAE government stated that the state has clear and reliable procedures for combating illegal goods, money laundering, and entities subject to sanctions.
Source: Ministry of Finance
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