Since Western sanctions over Ukraine disrupted Russia’s usual export routes, Russian customs data show that the UAE is a major gold trade hub.

The documents show over 100 non-Russian entities that have handled Russian gold since Western markets barred imports from Moscow.
Reuters received shipments from a commercial supplier, which may not include all exports.

Transaction records often list shippers and traders, not refiners, jewelers, or investors.

Companies engaged include:

LONDON

Customs data show a few Russian cargoes arrived in London after the Ukraine war but before Western import sanctions.

In March and April 2018, U.S. bank JPMorgan (JPM.N) received 72.4 kg of gold worth $4.5 million, while Swedish security firm Loomis (LOOMIS.ST) received 97.4 kg worth $5.9 million in March, May, and June.

Both firms have London precious metals vaults.

JPMorgan and certain Loomis shipments listed Societe Generale (SOGN.PA) as the receiver in customs records.

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

JPMorgan declined to comment.

Loomis does not acquire or own commodities but transfers them to clients.
The firm declined to comment on specific shipments but said Reuters’ customs records contained inaccurate information.

UAE

The biggest handler of Russian gold exports to the UAE was Temis Luxury Middle East, a Dubai affiliate of French logistics firm Temis Luxury, which imported 15.6 tonnes worth $863 million between February 24, 2022, and March 3.

Transguard, part of the Emirates Group, the Gulf state’s wealth fund’s airline-to-hotels conglomerate, followed with 14.6 tonnes worth $820 million.

Temis Luxury says it followed UAE freight forwarder laws.

Emirates said Transguard had stopped transferring Russian gold and had not bought any.

The customs documents showed that Shams Gold Trading handled 8 tonnes of gold shipped to the UAE in the year to March 3, 2023, followed by Privilege Group DMCC with 7.5 tonnes, Al Aseel Jewellery LLC with 5.3 tonnes, and Paloma Precious with 5.1 tonnes.

Privilege did not answer an email, Paloma’s lawyer denied wrongdoing, and Shams and Al Aseel were unavailable for comment.

Between February 24, 2022, and March 3, 2023, 17 non-Russian firms transported over a tonne of Russian bullion to the UAE.

Other companies that carried Russian gold to the UAE handled fewer than 5 tonnes, usually much less.

Like Temis, some significant importers were European subsidiaries.

Swiss metals dealer Open Mineral, founded by former Glencore (GLEN.L) traders, transferred 3 tonnes of Russian gold worth $167 million to the UAE before and after Swiss restrictions.

After Swiss restrictions, Open Mineral’s Abu Dhabi affiliate handled all deals.

“Open Mineral was in full compliance with the relevant sanctions’ regime in place at the time of these trades,” the business claimed.

HONG KONG

Chinese logistics company Vpower Finance Security Hong Kong Ltd. shipped most Russian gold to Hong Kong and mainland China. Records showed it shipped 20.5 tonnes of gold worth $1.2 billion between May 2022 and March.

Vpower Finance Security did not react to inquiries.

Five other non-Russian corporations imported almost a tonne of Russian gold. Vpower shipped most of these.

TURKEY

Turkey received only a few tonnes of gold from non-Russian companies. On the other hand, eight imported almost one tonne of Russian gold in the year to March 3, 2023.

LBMA

Two of the customs-listed companies are LBMA members. In addition, Vpower Finance Security and Transguard are members.

LBMA members and accredited refiners must comply with U.S., U.K., and E.U. sanctions against Russia. In addition, it said it would investigate LBMA members that handled Russian gold and possibly revoke their membership.