The United Arab Emirates has emerged as a key trading hub for Russian gold after Western sanctions cut off Russia's more traditional export routes, Reuters reported .
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 are China and Türkiye; each of the countries imported about 20 tons from February 24, 2022 to March 3, 2023. According to customs data, during this period, the UAE, Turkey and China accounted for 99.8% of Russian gold exports.
Against the backdrop of such statistics, experts warn of risks: Russian gold may be melted down and again enter the US and European markets in a disguised form.
At the same time, the UAE Government’s Gold Bar Committee said the country has clear and robust processes in place against illegal goods, money laundering and sanctioned entities: “The UAE will continue to trade openly and honestly with its international partners in accordance with all applicable international standards established by the United Nations”.
A manager at a company that shipped large volumes of Russian gold to the UAE told Reuters that Russian firms are selling bars at a discount of about 1% from world prices, stimulating demand. Also, according to him, most of the gold that his firm shipped to the UAE was destined for refineries , where it will be melted down.