UAE: A Destination for Russian Gold

Russian customs records show that the UAE has become a crucial commercial hub for Russian gold since Western sanctions imposed due to the war in Ukraine disrupted traditional export routes for Russia. The records, which detail about a thousand shipments of gold in the year since the onset of the Ukrainian war, indicate that the UAE imported 75.7 tons of Russian gold worth $4.3 billion, a significant increase from only 1.3 tons in 2021. China and Turkey followed as the next largest destinations, with each importing around 20 tons between February 24, 2022, and March 3, 2023. Together, the three countries accounted for 99.8 percent of Russian gold exports, as shown by customs data for that period. In the days following the start of the Ukrainian conflict, many multinational banks and logistics and precious metals refining companies refrained from dealing with Russian gold, which was usually shipped to London, the center for gold trade and storage. The London Bullion Market Association banned Russian-produced gold starting March 7, 2022, and by the end of August, the UK, EU, Switzerland, the US, Canada, and Japan prohibited imports of Russian gold.