Gold from Russia can enter the markets of Western countries, bypassing sanctions with the help of the United Arab Emirates (UAE). In this respect writer country
The sanctions imposed on the Russian gold mining industry did not become a tangible problem for producers. The publication stated that it was bought by the UAE by asking for gold from Russia, and from there it is likely to reach Western markets.
According to the publication, the UAE bought only 1.3 tons of gold from Russia in 2021. But since the start of special operations in Ukraine, the situation has changed. Between February 24, 2022 – March 3, 2023, the UAE purchased 75.7 tons of gold from the Russian Federation for 4.3 billion dollars. In addition, the 1% discount offered by Russian suppliers in the United Arab Emirates encourages traders to prefer Russian precious metals. metals.
The authors of the article drew attention to the possibility of reselling Russian gold from the UAE to Western markets. But the largest traders in the United Arab Emirates say they fully comply with the law and sanctions.
On May 25, Reuters, citing Russian customs data from a commercial supplier, reportedFollowing last year’s results, the UAE has become a major importer of Russian gold. Türkiye and China also increased their gold imports from Russia.
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.