Page 21 - RusRPTOct23

75.7 tonnes of Russian gold valued at $4.3bn, representing a substantial increase compared to just 1.3 tonnes imported in 2021, Reuters reports.
Bloomberg put the number even higher at 96.4 tonnes of gold from Russia in 2022 -- more than any other country, citing United Nations Comtrade data. This figure represents roughly one-third of Russia’s annual mine production and more than 15 times the UAE’s imports from the country compared to the year before.
China and Turkey were the second-largest destinations for Russian gold during this period, each importing around 20 tonnes. Together with the UAE, these three countries accounted for 99.8% of Russian gold exports in the customs data.
Russia overtakes Mali as the UAE’s primary supplier, which dispatched 95.7 tonnes of gold to the UAE in 2022, with several other African nations trailing closely behind.
Mali held the top spot as the UAE's primary source in 2021, contributing nearly 16% of the country's gold, valued at $7.3bn, according to data from the international trade site, the Observatory of Economic Complexity (OEC). Following Mali were Zimbabwe, Sudan, Niger, Uganda, and Ghana, with percentages of 7.62%, 6.13%, 5.82%, 4.32%, and 3.7%, respectively, AL Monitor reports.
Preceding the February 2022 invasion of Ukraine, nearly all of Russia’s gold was shipped to and stored in London. The United Kingdom is said to have imported $15.4bn of Russian gold in 2021, according to Statista. In the same year, the Gulf state was also the second largest exporter of the precious metal, equating to about $32.8bn with Switzerland (22.5%), India (21.5%), Hong Kong (20%) and Saudi Arabia (9.04%), its leading destinations.
Following the introduction of the SWIFT sanctions only days after Russia’s invasion of Ukraine in February last year, Russia has effectively been banned from using the dollar and has had to resort to other means of exchange. At the same time after just over $300bn of Central Bank of Russia (CBR) reserves were frozen Russia now only has some $134bn in monetary gold reserves and an estimated just under $100bn in liquid dollar cash reserves.
Following the outbreak of the Ukraine conflict, numerous multinational banks, logistics providers, and precious metal refiners ceased handling Russian gold, which was historically routed through London, a significant gold trading and storage centre. However, the sanctions regime has also attempted to close off international markets to Russian gold sales as well as dollars.
The London Bullion Market Association banned Russian gold bars from March 7, 2022, and by August, multiple countries, including the UK, EU, Switzerland, the US, Canada, and Japan, had imposed import bans on Russian bullion.
However, the export records reveal that Russian gold producers, like its oil companies, have turned to “friendly countries” and quickly found alternative markets, such as the UAE, Turkey, and China.
21 RUSSIA Country Report October 2023 www.intellinews.com