April 20, 2024



Russian gold: UAE cashes in as sanctions bite the dust

Strange Sounds

May 27, 2023

The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia’s more traditional export routes, Russian customs records show.

The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the Gulf state imported 75.7 tonnes of Russian gold worth $4.3 billion – up from just 1.3 tonnes during 2021.

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