UAE is the biggest gold buyer of Russia during this war

[GigaBit]

Since the beginning of the war between Ukraine and Russia, various restrictions have been imposed by the United States. When Russia' get banned from SWIFT, the country has faced great threat on trade. But they didn't stop. They continue to fight and adopt new strategy.

Russia is a big country in gold production they produced about 325 tons of gold annually. If Russia can't sell that produced gold, it will have a big impact on their economy. And considering that, the country decided that they will sell gold at a relatively low price.

On the contrary, the United Nations is imposing various restrictions on other countries of the world. But the three countries are keen to buy Russian gold. UAE, China and Turkey are buying Russian gold according to their capacity. Currently Russia's big gold buyer is United Arab Emirates. UAE buy 99.3 percent of Russia's gold exports. Almost everyone knows that UAE focus on gold reserves and their stock is increasing day by day.

Last 3 Years UAE Gold Reserves


At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

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[EarnOnVictor]

I can confirm this from Reuters and it's so disheartening to me as it shows that the world doesn't seem to align in one voice against a tyrannical country like Russia that invaded a sovereign state. I can't just see any justification for that, and of which many souls have avoidably lost just because tyranny is hungry for power.

For countries to be dealing heavily with Russia in this wartime is inhumane as it is tantamount to supporting his senseless war in Ukraine. Dealing with them with precious metal is a way to empower the nation and the war which I believe is bad without mincing words. According to Reuters, Temis Luxury Middle East has imported 15.6 tonnes to UAE in less than a year, the worth is placed at $863 million and the transaction was between February 24, 2022 - March 3, 2023.

Very soon, this amount will reach $1B. I see a reason that the world will never unite no matter worth, and I know that Russians would be selling it to the royal state cheaply, and it means more money for them as they are always business-oriented. But unfortunately empowering Russian to kill more people.

[Renampun]

Since being hit by sanctions, of course Russia must have the option to be able to sell the resources they have such as gold, oil and various other products to countries that are friendly with them to be able to support their war. even Russia offers the resources they have at a discount to several countries that are considered close to them, because they need money now to be able to support their economy so that it does not collapse amid American and western sanctions.

here the UAE as a country needs gold to be able to maintain the stability of their currency and economy and Russia has managed to offer gold at a lower price compared to the market (about 1%) and fast delivery directly to their country. That is why the UAE is interested in working with Russia. but even so, it seems that the UAE will be threatened with sanctions because of this cooperation, but the UAE does not seem to care about this.

[Smartprofit]

Since being hit by sanctions, of course Russia must have the option to be able to sell the resources they have such as gold, oil and various other products to countries that are friendly with them to be able to support their war. even Russia offers the resources they have at a discount to several countries that are considered close to them, because they need money now to be able to support their economy so that it does not collapse amid American and western sanctions.

here the UAE as a country needs gold to be able to maintain the stability of their currency and economy and Russia has managed to offer gold at a lower price compared to the market (about 1%) and fast delivery directly to their country. That is why the UAE is interested in working with Russia. but even so, it seems that the UAE will be threatened with sanctions because of this cooperation, but the UAE does not seem to care about this.

The United Arab Emirates is viewed by Russian officials as a replacement for Europe, as a place to emigrate in case of cataclysms.  However, it is not. 

The rulers of the United Arab Emirates are incredibly practical people.  They are ready to buy Russian gold because it is very profitable.  Gold is a huge value in the modern world (especially on the eve of the global economic crisis and recession in the economy). 

The United Arab Emirates has the opportunity to buy gold at a cheap price.  And they will take advantage of this opportunity. 

However, it would be naive to think that Russian officials will receive some preferences and protection from international sanctions as a result of such interaction.  This is not true.

[redwine49]

Since being hit by sanctions, of course Russia must have the option to be able to sell the resources they have such as gold, oil and various other products to countries that are friendly with them to be able to support their war. even Russia offers the resources they have at a discount to several countries that are considered close to them, because they need money now to be able to support their economy so that it does not collapse amid American and western sanctions.

here the UAE as a country needs gold to be able to maintain the stability of their currency and economy and Russia has managed to offer gold at a lower price compared to the market (about 1%) and fast delivery directly to their country. That is why the UAE is interested in working with Russia. but even so, it seems that the UAE will be threatened with sanctions because of this cooperation, but the UAE does not seem to care about this.

I don't think UAE will be threatened with sanctions because of this. don't you know that UAE is rich country. the rich always have the advantage for global economy. so they can bought anything to protect their country.
I read some news in 2022 about china collecting gold too, maybe it comes from russia

[tabas]

At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

That policy has its own way of dealing the global economy and as well as the politics. That's why we're seeing that it's Russia against Ukraine physically but in global trade, it's Russia against the USA. But since it's not directly that Russia is the one that's going to be the problem as they export gold. The opposing countries can't do that much if a strong and rich country buys their goods such as gold. They're no longer in the oil buying and that's why they're expanding into other resources that they need to do like buying gold. No one will contest that as they can defend that it's for their economy's sake and there's no trade way against them and the opposing countries of Russia.

[avikz]

UAE is just intelligent and it doesn't take a huge effort to understand that many other countries are also following the same path to make their coffees filled with Russian Gold and Oil. It's just sensible business.

The way USD is loosing it's dominance, no one knows what will be the next world order. US used to control around 72% of the world trade with their currency, which has now been reduced to 51%. So it makes sense to store more gold for the unforeseen future.

[Doan9269]

At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

There's nothing like the poor countries or not as long as you have your money at hand and don't have dependency on those that would serve an enemy to them, Russia is blessed with some natural resources ans has already created an international relation with some countries even right before the war and you don't know the kind of MoU they have both signed together before now, i believe if they are to conduct anything of such it has to be on a low key without the western countries knows about it, moreover UAE is endowed and blessed with oil and not mineral resources like gold.

[GigaBit]

At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

That policy has its own way of dealing the global economy and as well as the politics. That's why we're seeing that it's Russia against Ukraine physically but in global trade, it's Russia against the USA. But since it's not directly that Russia is the one that's going to be the problem as they export gold. The opposing countries can't do that much if a strong and rich country buys their goods such as gold. They're no longer in the oil buying and that's why they're expanding into other resources that they need to do like buying gold. No one will contest that as they can defend that it's for their economy's sake and there's no trade way against them and the opposing countries of Russia.

Yes, but I think another point is that this country is a oil producing country. So if America try to restrict them they will reduce their production then the situation will be more difficult. Because inflation is already a big problem the price of energy fuel has already gone up, on the other hand, banning it can make things worse and Saudi wants to use this opportunity. The war will eventually stop but the price of these hoarded resources will continue to rise. Here they are emphasizing gold reserves in a well-planned way , Saudi to become financially strong in the future.

[Upgrade00]

if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

Poorer countries have no bargaining power and as such other nations do not have to be cautious when dealing with them.
The actions of the world powers towards Russia since the start of the war shows how fearful they are of antagonizing the Kremlin and entering a war with them. They would call out nation's like UAE but some European countries are still struggling to cut of Russian products fully.

I can confirm this from Reuters and it's so disheartening to me as it shows that the world doesn't seem to align in one voice against a tyrannical country like Russia that invaded a sovereign state. I can't just see any justification for that, and of which many souls have avoidably lost just because tyranny is hungry for power.

The world powers we're at some point empowered by the spoils of war, which have positioned them where they are today. It is a question of morality, but wars in many countries today are one way or the other enriching other countries. The world has never been United, it has always been a game of interests.

[Yamane_Keto]

This data is not accurate, the last 3 years are not a measure of what is happening, and I do not think that the UAE is accumulating more gold than the dollar. This country is an ally of the United States and will not do such a thing without obtaining a green light from the United States.

The economy is built to gain opportunities. India, for example, imports oil products from Russia and resells them to European markets, earning the price difference.
The United States exports liquefied gas to the European Union at twice the price of Russian gas.

Europe became the primary destination for U.S. LNG exports in 2022, accounting for 64% (6.8 Bcf/d) of total exports. Four countries—France, the U.K., Spain, and the Netherlands—accounted for a combined 74% (5.0 Bcf/d) of U.S. LNG exports to Europe.

All countries have modified their investment plans in order to make a profit from this war, and only countries that do not have adequate plans have been greatly affected.

[tabas]

At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

That policy has its own way of dealing the global economy and as well as the politics. That's why we're seeing that it's Russia against Ukraine physically but in global trade, it's Russia against the USA. But since it's not directly that Russia is the one that's going to be the problem as they export gold. The opposing countries can't do that much if a strong and rich country buys their goods such as gold. They're no longer in the oil buying and that's why they're expanding into other resources that they need to do like buying gold. No one will contest that as they can defend that it's for their economy's sake and there's no trade way against them and the opposing countries of Russia.

Yes, but I think another point is that this country is a oil producing country. So if America try to restrict them they will reduce their production then the situation will be more difficult. Because inflation is already a big problem the price of energy fuel has already gone up, on the other hand, banning it can make things worse and Saudi wants to use this opportunity. The war will eventually stop but the price of these hoarded resources will continue to rise. Here they are emphasizing gold reserves in a well-planned way , Saudi to become financially strong in the future.

Yes, UAE was an oil producing country but it's a limited supply and they just can't depend on it for their lifetime and that's why they're looking for some other source that they can invest with and they're doing it actually with several investments that they think will grow over time. In terms of Saudi, AFAIK they're going with the BRICS and the USA can't do a thing against them because they're the ones where mostly controlling the oil supply globally. Btw, don't be too confused about UAE and Saudi Arabia, they're both rich countries but they're different.

[Flexystar]

… and friends thats how we moved towards World War III.
So where one nation is trying to impose all the restriction that they could so that war could get over with but yet another country is buying the precious metal which means their income is stable enough to power the war. Now the fact that other three nations are buying gold from the Russia means they will friend zone each other in the future if a war is broke out between two biggest enemies. China and America are already not on the same page so that becomes another reason too.
UAE is definitely gonna buy gold because that’s also one of the historical and cultural importance for the gold. Hope so this does not fund Russian war heads.

[BIT-BENDER]

UAE is just intelligent and it doesn't take a huge effort to understand that many other countries are also following the same path to make their coffees filled with Russian Gold and Oil. It's just sensible business.

The way USD is loosing it's dominance, no one knows what will be the next world order. US used to control around 72% of the world trade with their currency, which has now been reduced to 51%. So it makes sense to store more gold for the unforeseen future.

Yes you are very correct the USD is fast losing its dominance in the global market and this situation is even predicted to get worse so many countries are actually preparing themselves for the the day the US dollars would no longer be in control of the global market.

It would be good time for real and there won't be any monopoly but if the US dollars losses it's grip do you think any countries currency would go into replacing US dollars on that, I don't think so I don't think the world would need such, the market may now be valued in thing like gold possibly that probably why the UAE are looking into it now.

[flyingcarpet]

The economy is behind many things in the world. The stronger your economy, the more you can exist. Both a normal person and an ordinary country know this. There are very few countries that do not take advantage of the opportunity to buy gold at affordable prices. Many reprimands have come and we don't know what's going on in the background. Most countries have done many good or bad things for their economies throughout history.

I do not approve of this situation, but we have seen many times that state relations were bad one week ago and good a week later. There is nothing countries cannot do when it comes to the economy.

[Fortify]

Since the beginning of the war between Ukraine and Russia, various restrictions have been imposed by the United States. When Russia' get banned from SWIFT, the country has faced great threat on trade. But they didn't stop. They continue to fight and adopt new strategy.

Russia is a big country in gold production they produced about 325 tons of gold annually. If Russia can't sell that produced gold, it will have a big impact on their economy. And considering that, the country decided that they will sell gold at a relatively low price.

On the contrary, the United Nations is imposing various restrictions on other countries of the world. But the three countries are keen to buy Russian gold. UAE, China and Turkey are buying Russian gold according to their capacity. Currently Russia's big gold buyer is United Arab Emirates. UAE buy 99.3 percent of Russia's gold exports. Almost everyone knows that UAE focus on gold reserves and their stock is increasing day by day.

Last 3 Years UAE Gold Reserves

At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

In fairness to these other countries, their political policies may not line up directly with those of European and American allies. While they should definitely be encouraged to drop this indirect economic support of Russia, they are still paying much lower prices than Russia would have gotten originally from other countries - so they still lose. I'd be more annoyed if they turned out to be conduits for restricted goods to enter Russia, like microchips or multi-use technology that could be used against Ukraine in this war. Realistically Russia is still the biggest country in the world, who have access to many natural resources that are needed in various manufacturing purposes, so they will always end up finding a buyer for these rare commodities so just need to be haggled down to the floor.

[Die_empty]

At a time when most countries are devastated by the war, some countries take advantage of the opportunity to acquire huge wealth. But if the poor countries go to buy something, they are harassed and banned in various restrictions. Don't you think this policy is cruel to poor countries?

Russia is getting gold from some African countries such as Congo and Sudan. So they need the market to sell these precious stones. Due to the sanctions, Russia needs trading partners and they are willing to give trade discounts for trade partnerships. Countries such as China, India, and UAE are taking advantage of this opportunity to buy highly discounted products from Russia. NATO and its partners know that these nations are economically significant to them so they will not sanction them because it will affect them negatively. Poor nations are always the scapegoat when powerful nations are having conflict. This is because their economy can be easily crippled by sanctions. World political economy is always unfair to developing nations because they have less influence in the global economic environment.

[Dimitri94]

Since the beginning of the war between Ukraine and Russia, various restrictions have been imposed by the United States. When Russia' get banned from SWIFT, the country has faced great threat on trade. But they didn't stop. They continue to fight and adopt new strategy.

Russia is a big country in gold production they produced about 325 tons of gold annually. If Russia can't sell that produced gold, it will have a big impact on their economy. And considering that, the country decided that they will sell gold at a relatively low price.

On the contrary, the United Nations is imposing various restrictions on other countries of the world. But the three countries are keen to buy Russian gold. UAE, China and Turkey are buying Russian gold according to their capacity. Currently Russia's big gold buyer is United Arab Emirates. UAE buy 99.3 percent of Russia's gold exports. Almost everyone knows that UAE focus on gold reserves and their stock is increasing day by day.

Last 3 Years UAE Gold Reserves

The sanctions are affecting not only Russia's gold business but also oil exports have also seen a huge impact. When Europe lowered the price of Russian crude oil, Russia supplied Asian countries with cheap rate , and several Asian countries took advantage of the opportunity. China and India are one of them. Russia must sell their natural resources to keep the economy active. Russia is doing that anyway while America is failing. Russia is not stopping even after they have given numerous sanctions and they have been successfully conducting war for almost more than 1 year.

[Husires]

Do you mean the gold of Russia or the Wagner company? The UAE has economic relations with some African countries and it is a commercial center in the Middle East, so it is ideal for those who want to transfer illegal activities and pump them into the formal economy. Many African companies do that in the UAE.

I had read at the beginning of the war about the impact of real estate activity in the UAE and the accumulation of wealth by wealthy Russians here, so that country may be a region for re-exporting Russian crude to countries of the world.

Russia's rich look to stash wealth in Dubai
These wealthy people may pay in gold because of the sanctions on the use of the dollar, and I do not think that there is trade exchange in the local currency between the two countries.

[Sithara007]

LOL.. doesn't make any sense. In 2022, the gold reserves of United Arab Emirates increased only by around 30 tonnes. At the same time, OP states that annual gold production of Russia is around 325 tonnes per year. Also, the OP states that UAE imported 99.7% of the total gold output from Russia. These two things are self-contradictory. As far as I know, most of the Russian gold is exported to Switzerland, from where the Swiss banks re-export them as gold bars and coins for investors. UAE might have imported some gold from Russia, but that may be a small fraction of the overall output.