The United Arab Emirates seems to have suddenly developed a thing for Russian gold. A Reuters investigation finds that the Gulf state imported 75.7 tons of gold from Russia—worth $4.3 billion—in the year since Vladimir Putin’s illegal invasion of Ukraine, up from just 1.3 tons the previous year. International bullion traders stopped handling Russian gold bars soon after the Feb. 24, 2022, invasion and major Western countries have since banned bullion imports from Russia. Reuters said an examination of export markets said Russian producers soon found other markets for Siberia’s finest, including Turkey, China and the UAE, which it described as the “key trade hub.” Experts say there is a risk of Russian gold being melted down and recast before being sent into the U.S. and European markets. According to the Reuters report, the UAE insists it has robust processes against the importation of illicit goods.
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