Arab Press

بالشعب و للشعب
Thursday, Dec 26, 2024

Russian Gold Rush: UAE Emerges as Major Trade Hub Amid Western Sanctions

Russian Gold Rush: UAE Emerges as Major Trade Hub Amid Western Sanctions

The article reports that the United Arab Emirates (UAE) has become a major trade hub for Russian gold after Western sanctions over Ukraine cut Russia's traditional export routes.
The UAE imported 75.7 tonnes of Russian gold worth $4.3 billion between February 2022 and March 2023, up from just 1.3 tonnes in 2021, according to customs records.

China and Turkey were the next largest destinations, with about 20 tonnes each.

The UAE, China, and Turkey accounted for 99.8% of Russian gold exports in the customs data for the period.

Some experts worry that Russian gold could be recast and sold back into the market with its origin masked.

The UAE government said it had robust processes against illicit goods, money laundering, and sanctioned entities.

The US Treasury did not respond to requests for comment.

The shipments in the customs data, supplied by a commercial provider, show exports of 116.3 tonnes between February and March 2023, although the consultant Metals Focus estimates Russia produced 325 tonnes of gold in 2022.

The rest of the gold dug in Russia likely either stayed in the country or was exported in transactions not included in the records.

The UAE is a major exporter of bullion and jewelry, and Russian firms have been selling bullion there at a discount of about 1% to global benchmark prices, offering an incentive to trade.

Most of the gold shipped to the UAE is destined for refineries, where it is melted down and recast.

Reuters asked four of Russia's largest gold miners for comment, but only Nordgold and Norilsk Nickel (GMKN.MM) declined to comment.

Polymetal did not respond, and Polyus (PLZL.MM) declined to comment.

The biggest handler of Russian gold exported to the UAE was Temis Luxury Middle East, a Dubai subsidiary of French logistics firm Temis Luxury, which handled 15.6 tonnes valued at $863 million from April 2022 to March 3.

Broca Houy, head of compliance at Temis Luxury Group, said the company "fully complies with the laws and regulations of the United Arab Emirates for freight forwarder business".

The second-largest handler of Russian bullion in the UAE was logistics firm Transguard, part of the Emirates Group, which was involved in shipments of 14.6 tonnes worth $820 million.

Emirates said it had not bought any Russian gold, operated in full compliance with applicable laws, and had now stopped transporting it.

In Hong Kong, most Russian gold shipments were handled by Vpower Finance Security Hong Kong Ltd, a Chinese logistics company, which was involved in the import of 20.5 tonnes of gold worth $1.2 billion between May 2022 and March 3.

Vpower Finance Security did not respond to requests for comment.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Emirati Pilot Joins NASA's Simulated Mars Expedition
Tragedy in Gaza: Infant Mortality Highlights Ceasefire Stalemate Amidst Humanitarian Crisis
Israeli Airstrikes in Gaza Result in Deadly Consequences Amidst Escalating Tensions
Moderna's Groundbreaking Combo Vaccine Yields Promising Trial Results
The Grim Toll of Conflict: One Child Killed Every Hour in Gaza, Says UN Agency
Humanitarian Crisis Deepens: Israeli Strikes Hit Shelters and Hospitals in Gaza
Humanitarian Zones Under Siege: Israel's Strikes in Gaza Escalate Civilian Crisis
Israel Confirms Assassination of Hamas Leader in Tehran: A Stark Warning to Regional Foes
Escalating Tensions: Israeli Strikes in Gaza and Assassination in Iran Stir Regional Conflict
Gaza Conflict: Unmasking the Human Cost Amidst Political Stalemate
Escalating Conflict in Gaza: Lives Lost Amid Intensifying Military Actions
Israeli Airstrikes in Gaza Spur Humanitarian Outcry and Internal Criticism
Italy Slaps OpenAI with Landmark Fine: A Catalyst for Global Data Privacy Debate
Gaza Ceasefire Talks Approach Brink: Delicate Diplomacy at Play
Progress in Gaza Ceasefire Talks Amid Ongoing Conflict
Saudi Football Star Fahad Al-Muwallad in Critical Condition After Balcony Fall
Gaza Ceasefire Hangs by a Thread as Mediators Navigate a Stalemate of Epic Proportions
Syria's Future: A Fight for Democracy or Another Cycle of Oppression?
Gaza on the Brink: Economic Collapse and the Humanitarian Abyss
Ankara Ascends: Turkey's Rising Influence in Syria's Post-Assad Landscape
International Tensions Escalate Amid Gaza Conflict and Syrian Crisis
Gaza Conflict at Day 439: Renewed Ceasefire Hopes Amidst Ongoing Strife
Global Challenges: Syrian Repatriation, Natural Disasters, and Political Turmoil
U.S. Indicts Syrian Officials for Torture Amidst Assad's Overthrow: A New Era of Accountability and Diplomatic Reevaluation
Global Geopolitical Shifts: U.S. Strategy in Syria, Regional Tensions, and Calls for Nuclear Disarmament
Major Geopolitical Developments: Turkiye Reopens Border for Syrian Refugee Returns Amidst Regional Tensions and Political Transformations
Hypersonic Tensions: Yemen's Missile Disrupts Israel Amid Regional Escalation
Escalating Middle East Tensions and U.S. Tragedy: A Global Snapshot
Germany Suspends Syrian Asylum Decisions Amid Post-Assad Uncertainty
Israeli Airstrikes on Gaza: A Blow to Civilians and Press Freedom
Global Instability: UAE Advocates for Syrian Unity Amidst Middle East Tensions, Military Setback in Turkey, and Escalating Violence in Haiti
Key Regional Shifts in the Middle East Following Assad's Ouster: Challenges and Opportunities
France Supports Syria's Transition After Assad's Ouster Amid Middle East Turmoil
Recent Global Power Shifts: Political Upheavals and Security Challenges Redefining Nations
Global Conflicts and Health Developments: From Gaza's Hospital Crisis to Morocco's Medical Advancements
Transformative Shifts in Global Politics: The Fall of Assad, Maritime Piracy Threats, and Political Change in Ghana
Turbulent Transition: Syria's Political Upheaval and Global Reactions
Escalating Middle Eastern Conflicts and Political Tensions: A Snapshot of Global Unrest and Efforts for Stabilization
Syria's Crossroads: Can Hayat Tahrir al-Sham Lead a Unified Country After Assad's Fall?
End of an Era: Assad's Departure Amid Rebel Advances Signals Major Shift in Syria's Civil War
Global Shifts: UK Trade Missions, Korean Political Turmoil, and Syrian Conflict Dynamics
Escalating Global Tensions: Hospital Destruction in Gaza, Lebanese Military Movements, Alaskan Volcano Alert, Syrian Conflict Developments, Golan Heights Security, and U.S. Aid to Ukraine
Morocco Secures $13 Billion Investment for Railway Expansion at Africa Investment Forum
Israeli Strikes Devastate Gaza Hospital; EU Lifts Pakistan Airlines Ban; Global Holiday Traditions and Middle East Tensions Highlighted
Global Tensions and Shifts: From Netanyahu's Critique and African Political Instability to Syrian Rebel Advances and Renewed Middle East Peace Efforts
Military Diversity Debate, Gaza Clashes, Notre Dame's Rebirth, South Korean Political Crisis, Trump's Diplomatic Visit, and Ghana's Pivotal Election
U.S. State Department Urges Immediate Evacuation from Syria Amid Escalating Conflict and Strategic Power Shifts
Global Hotspots: Humanitarian Crises, Geopolitical Tensions, and Key Developments in Gaza, Lebanon, Colombia, Ghana, the UK, and Syria
Global Unrest and Diplomacy: Travel Warnings, Security Strategies, and Legal Challenges Highlight Shifting International Landscape
Key Global Developments: Crisis Management, Climate Impact, Diplomatic Changes, and Cultural Recognition
×