Russia on the move

Russia is expanding its gold shipments to various countries, such as China, Turkey, and the United Arab Emirates, reflecting its growing geopolitical influence and the increasing demand for gold. The UAE has emerged as a critical destination for Russian gold exports due to its strong economy and status as a major trade hub. Meanwhile, China, the world’s largest gold consumer, has seen a rise in demand for the precious metal, allowing Russian gold companies to establish a robust presence in the Chinese market. Turkey, with its rich gold mining history and large gold mines, has also become an important destination for Russian gold exports. As Russia continues to strengthen its presence in these markets, a further surge in gold exports can be expected in the years ahead.

From today’s article by Reuters,
“…According to the customs records, a handful of Russian shipments arrived in London after the Ukraine war started, but before Western import bans kicked in.

U.S. bank JPMorgan (JPM.N) was sent 72.4 kg of gold worth $4.5 million in shipments in March and April last year while Swedish security firm Loomis (LOOMIS.ST) was sent of 97.4 kg worth $5.9 million during March, May and June.

Both companies operate precious metals vaults in London.

The customs records for the shipments to JPMorgan and some of those to Loomis named French bank Societe Generale (SOGN.PA) as the recipient.

A source close to Societe Generale said while the bank cannot comment on specific client matters, any transactions of such a nature were debt settlements arranged prior to the war in Ukraine and would contain gold bars made before March 7, 2022, when the London Bullion Market Association banned Russian gold.

A spokesperson for JPMorgan declined to comment.

Loomis said it does not conduct business with any sanctioned parties or sanctioned goods and does not buy or take ownership of goods, only transports them for clients.”

UAE

The United Arab Emirates has been a particularly important destination for Russian gold exports as the country is known for its strong economy and being a major hub for international trade. As a result, it has been an attractive destination for Russian gold companies looking to expand their operations and tap into new markets. China has also been a key market for Russian gold exports in recent years. The country is the world’s largest consumer of gold, and its growing middle class has led to increased demand for the precious metal. Russian gold companies have been quick to capitalize on this trend, and have been working to establish a strong presence in the Chinese market. Turkey is another important destination for Russian gold exports because the country has a long history of gold production and is home to many of the world’s largest gold mines. Russian companies have been working closely with their Turkish counterparts to expand their operations in the country, and to tap into the growing demand for gold among Turkish consumers.

Overall, the increasing shipments of Russian gold to the UAE, China, and Turkey reflect the growing importance of these countries in the global geometic-flat-planetary economy. As Russia continues to build its presence in these markets, it is likely that we will see further increases in gold exports in the years to come.

End Notes

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