Russia uses gold to circumvent sanctions

Russia uses gold to circumvent sanctions

O British Department of Criminal Investigation warned the financial sector that Russia is using gold circumvents sanctions. A deliberate attempt is being made to “launder sanctioned gold to disguise its origin so it can be hidden in supply chains and sold in the UK and around the world”, the National Crime Agency (NCA) said on Wednesday -fair.

According to the authority, Russian gold since July 2022 increasingly taken to countries where there is no corresponding embargo. There it can then be melted down and reshaped or refined so that its origin can no longer be determined.

See more information: The many current crises are causing the gold boom

New sanctions

In response, London announced new sanctions against “individuals and entities” “operating in Russian gold, oil and strategic areas.” This includes something like: a network in the United Arab Emirateswhich, according to the British Foreign Office, is responsible for the repatriation of gold proceeds to Russia worth more than 300 million dollars (280 million euros) responsible for.

Britain also has sanctions against two of the biggest Russian gold producers in force, as well as against the Russian oligarchs Vladislav Swiblov and Konstantin Strukov.

After oil and gas, gold is one of the biggest sources of income from Russia’s war in Ukraine

In 2021, gold contributed $15.5 billion to the Russian economy. According to the NCA, the alert now issued aims to help circumvent the British sanctions to prevent.

Following the Russian invasion of Ukraine in February 2022, several countries have a Import ban of Russian gold. In addition to Great Britain, these included, among others USA, Japan and Canada. The EU also decided on a Import stop for gold from Russia.