Russian gold is now flooding the UAE, Turkey and Hong Kong after facing sanctions in the West
Western buyers have shunned Russian gold since Moscow invaded Ukraine, shifting the bullion market and leaving sellers to turn to buyers across the United Arab Emirates, Hong Kong, and Turkey.
And given that Russia alone can't absorb the $20 billion of gold it mines per year, smaller players have since moved to plug the gaps that were once filled by buyers like JPMorgan and HSBC. show that, in the six months through August, the Russian commodity has been rerouted to nations without the same restrictions as the West.
For example, VPower Finance Security in Hong Kong, which moves cash and gold for Chinese banks, has stepped in as a new player, handling more than $300 million of Russian gold from March to August 2022, per Bloomberg.
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