From Russia with gold

Employees cast ingots of gold during production at Krastsvetmet precious metals plant in Krasnoyarsk, Russia.

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, according to Russian customs records.

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 US$4.3bil (RM19.8bil) – up from just 1.3 tonnes during 2021.