Page 22 - RusRPTOct23

Gold is much easier to trade illicitly than dollars, says experts, as it can be melted down and restamped, hiding its origins and allowing its sale in western markets by intermediaries, dodging compliance checks.
The UAE's Gold Bullion Committee stated that the country maintains robust processes against illicit goods, money laundering, and sanctioned entities, reports Reuters. It affirmed its commitment to trading openly and honestly in compliance with international norms set by the United Nations.
The US has issued warnings to countries, including the UAE and Turkey, that they risk losing access to G7 markets if they engage in business with entities subject to US sanctions. However, the data reviewed by Reuters does not suggest any violations of US sanctions by these countries.
The customs records indicate exports of 116.3 tonnes of gold between February 24, 2022, and March 3, 2023. Consultant Metals Focus estimated that Russia produced 325 tonnes of gold in 2022, according to Reuters. It remains unclear what proportion of Russia's total gold exports is covered by these records.
While the shift away from London as an export destination for Russian gold is not seen as a major setback due to London's low reliance on Russian gold, the UAE has long had a thriving gold industry. The shipments to the UAE, as per the Russian records, account for approximately 10% of its gold imports, with the country being a major exporter of bullion and jewellery.
The UAE has become an attractive destination for Russian gold due to favourable pricing, with Russian firms selling bullion there at a discount of about 1% compared to global benchmark prices. Additionally, much of the gold shipped to the UAE is destined for refineries, where it undergoes melting and recasting.
While the customs records primarily show shippers and traders involved in transactions, not end buyers, the data highlights the significance of the UAE in Russian gold exports.
Transguard, part of the Emirates Group, and Temis Luxury Middle East, a subsidiary of French logistics firm Temis Luxury, were among the prominent entities involved in handling Russian gold in the UAE, Reuters reports.
European sanctions typically do not apply to overseas subsidiaries, meaning that European firms with subsidiaries engaged in gold shipments to the UAE, Turkey, or Hong Kong may not have violated any laws.
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22 RUSSIA Country Report October 2023 www.intellinews.com