LONDON, May 25 (Reuters) - The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's

Exclusive: From Russia with gold: UAE cashes in as sanctions bite

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2023-05-25 11:30:05

LONDON, May 25 (Reuters) - 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.

China and Turkey were the next biggest destinations, importing about 20 tonnes each between Feb. 24, 2022 and March 3, 2023. With the UAE, the three countries accounted for 99.8% of the Russian gold exports in the customs data for this period.

In the days after the Ukraine conflict started, many multinational banks, logistics providers and precious metal refiners stopped handling Russian gold, which had typically been shipped to London, a gold trading and storage hub.

The London Bullion Market Association banned Russian bars made from March 7, 2022, and by the end of August, Britain, the European Union, Switzerland, the United States, Canada and Japan had all banned imports of Russian bullion.