UAE is the biggest gold buyer of Russia during this war

[Kakmakr]

Why do you think that the largest percentage of inmates in prisons are "poor" people? Answer : Rich people can afford good lawyers.

The western 1st world countries are too reliant on the United Arab Emirates oil reserves, so they will politely look the other way, because they know that the United Arab Emirates can hurt their economy, if the same actions are implemented against the United Arab Emirates, if they sabotaged the sanctions.

The United Arab Emirates know that they are controlling the world's oil supply, so they can do what they want. 

[1715458513]

1715458513

[DrBeer]

Of course, some countries use the current situation to their advantage. And it's not just the UAE. Gold, oil and gas, many countries buy for a penny. If the UAE buys gold at a dumping price situationally, then India and China buy oil with pleasure, at a price with huge discounts.
True, there is a nuance here - I can’t say now for what currency the UAE buys gold, but I also think for the most part not for dollars or euros, which are critically needed for the collapsing economy of the country of an international terrorist. India and China filled Russian foreign exchange reserves with their candy wrappers (yuan and rupee), and now Russia does not know what to do with them, because. conversion into dollars "friends" of Russia - banned!

The situation is like before the bankruptcy of a large but stupid company - they are selling everything for a penny, trying to at least somehow "keep themselves afloat."

PS Now new sanctions are being introduced that will greatly reduce the sale of gold and diamonds from Russia ...

[karabiber]

In the days after the start of the conflict in Ukraine, many multinational banks, logistics providers and precious metal refineries stopped the trading and processing of Russian gold. Most of Russia's gold was exported to London, but almost all of the major powers banned gold imports from Russia. Naturally, the UAE became the center of Russian gold, followed by China and Turkey. As long as the war does not end, the embargo will continue to be applied to Russia in every sense and as a result of the embargoes, Russia will discover alternative trade stops.

Thinking that Russia would fall into financial difficulties, NATO used all the means at its disposal since the war began but did not think that the Russians would always find a way. I hope the war will end as soon as possible and people will continue their comfortable lives in their countries.

[davis196]

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?

Most countries being devastated by a war? What war? Did World War III just start? Are you talking about the war in Ukraine?
How the hell could the war in Ukraine devastate most of the countries in the world? I don't think that most of the countries in the world seem "devastated" right now. The global inflation is caused by FED and the big central banks around the world, not by the war in Ukraine.
The poor countries can't buy lots of things, because they don't have enough money, not because they are harassed or banned.
UAE has lots of money, so they can buy whatever they want from whoever they want.
Some authoritarian regimes get harassed and sanctioned by the US, but this is kinda understandable. The USA still wants to play the role of a "global policeman".

[jrrsparkles]

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?

It's not fair but that's the reality, money is always ultimate no matter what so countries will try to make money out of every opportunity they find and this is one of it. About the restrictions only for poor country yes that is why they are in the commanding position so called super power but over time the name replaced by another one and that's the place that every country is aiming for.

[kryptqnick]

I think it's very unfortunate that we live in a world where ethics plays such a small part in political decision-making. There are various countries that should not have been a big part of the international trade for a long time because of their authoritarian policies. But no, Western countries kept trading with them, and now they're in so deep that it's really hard to sever the connections because it will hurt both sides a lot. It applies not just to Russia but also to China and to the UAE.
But continuing doing business with a country that literally uses that money to make weapons and supply its army to kill more civilians in another country in attempts to conquer that country is very troublesome.
Still, I don't see what the op's saying about poor countries being punished but rich countries not being punished being the case in this war.

[slapper]

Ever heard the scoop about UAE hitting the jackpot, mopping up nearly all of Russia's glittering gold? It's like they're on a golden health kick, with Russia being their limitless goldmine! It's a wild turn of events since Russia got the SWIFT ax. Almost as if they're shrugging it off saying, "Who needs SWIFT when we've got a gold mine, huh?"

Russia ain't your run-of-the-mill gold factory. They're the head honchos, churning out an eye-watering 325 tons of the glimmering element each year. Faced with trading hurdles, they opted for a gold yard sale. Hard to fault them for trying to steer their economy clear of disaster.

And let's take a moment for the UN. Their sanction strategy looks a tad like cherry-picking. The well-heeled are having a field day hoarding gold, while the underprivileged are left out in the cold. If this isn't a red flag for a worldwide policy overhaul, I'm at a loss for what is

[YUriy1991]

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.

From a business perspective, saving more gold makes sense. Yes. The shift in global trade dynamics underscores the importance of diversifying reserves and preparing for an unpredictable future as you said above and the biggest difficulty is getting a little.

[el kaka22]

Considering how important it is for nations to store gold, and brings them a ton of safety and security, I think it is a super smart decision. If it benefits your nation then sanctions mean nothing and should be ignored, UAE will be benefiting from this, Russia saves the short term by selling the gold, but they are going to be hurt if it goes on for longer, whereas UAE will become richer and richer, would be easy to get cheaper loans as well if they ever need it but looks like they probably won't.

All in the end shows that UAE did the right thing, forget about the war or sanctions or anything else, this isn't about that, this is about government making the nation a better place, I support them for this action and I would highly suggest everyone else to consider doing it too.

[redwine49]

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.

What if it's just a bussiness. I don't think they need permission from United States for buying russian gold. it's just economy deal not military.
They also know that us dollar has experienced huge inflation these past few months, of course they want to protect themself while they can do it.

[Sithara007]

Ever heard the scoop about UAE hitting the jackpot, mopping up nearly all of Russia's glittering gold? It's like they're on a golden health kick, with Russia being their limitless goldmine! It's a wild turn of events since Russia got the SWIFT ax. Almost as if they're shrugging it off saying, "Who needs SWIFT when we've got a gold mine, huh?"

Russia ain't your run-of-the-mill gold factory. They're the head honchos, churning out an eye-watering 325 tons of the glimmering element each year. Faced with trading hurdles, they opted for a gold yard sale. Hard to fault them for trying to steer their economy clear of disaster.

And let's take a moment for the UN. Their sanction strategy looks a tad like cherry-picking. The well-heeled are having a field day hoarding gold, while the underprivileged are left out in the cold. If this isn't a red flag for a worldwide policy overhaul, I'm at a loss for what is

At this point, Russia produces close to 9%-10% of the global gold mine output. Back in 2020, the total mine output was around 3,200-3,300 tonnes and Russia was producing close to 300 tons per year. And the gold output is increasing with each passing year in Russia. And one advantage for them is that the cost of production is much lower when compared to other countries such as Australia and the United States (check Polyus and Polymetal in the chart pasted below). And sanctions don't have much impact on gold production or sales. They can easily sell their gold to the middle-eastern or east Asian countries.

[bayu7adi]

The collaborative relationship between the UAE and the US appears to have strained, evident by the UAE's withdrawal from the US-led maritime coalition. When a country decides to withdraw, it's not due to a single reason alone, but rather a culmination of disappointment with another country's response in their cooperative relationship.

Despite the US acting as the "world police" and engaging in trade transactions with Russia, the UAE still seized the opportunity to purchase Russian gold at a low price. With their unfavorable relationship with the US, the UAE's decision becomes even stronger and serves as evidence of their disappointment with the US' treatment as partners.

[Smartprofit]

… 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.

I would not say that the Third World War began.  Yes, the Third World War may start in the future, but so far this event has not happened. 

Some experts believe that the system of world globalization is currently collapsing and new large geopolitical economic zones are being formed.  Each of these future large economic zones needs resources, population, allies, as well as scientific, technological and cultural potential. 

Is this theory true?  I don't know....

However, it can be stated with a high degree of certainty that contradictions between different countries are growing in the world. 

Therefore, many countries strive primarily to protect their own interests.  This is exactly what the United Arab Emirates is doing now (which, bypassing sanctions, buy gold bars from the Russian Federation).

[Sithara007]

The numbers provided by the OP are not very accurate. Before the war, almost 95% of the Russian gold was exported to the United Kingdom, and it was traded at the London Metal Exchange. As a result of the embargoes, now most of the Russian gold is being exported to United Arab Emirates, China and Turkey, where the gold bars are converted to bullion coins. UAE imported more than 100 tonnes of Russian gold between March 2022 and March 2023, with Temis Luxury Middle East alone importing 15.6 tonnes. The major importers of Russian gold within UAE are as follows:

Temis Luxury Middle East: 15.6 tonnes
Transguard (Emirates Group): 14.6 tonnes
Shams Gold Trading: 8.0 tonnes
Privilege Group DMCC: 7.5 tonnes
Al Aseel Jewellery LLC: 5.3 tonnes
Paloma Precious DMCC: 5.1 tonnes

17 more UAE based companies imported Russian gold in quantities between 1 to 5 tonnes, while others imported less than 1 ton each.  

OP claimed that UAE imported 99.3% of Russia's gold output (325 tonnes). Real number is much lower.

Vpower Finance Security Hong Kong Ltd imported 20.5 tonnes of Russian gold to China during the same period.

[Argoo]

… 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.

In Russia, there is already an acute shortage of money and, above all, to finance the war with Ukraine, which has been going on for the second year. Therefore, the sale of gold is a direct source for financing this war. Unfortunately, there are a number of countries, such as the UAE, who do not care that by selling their gold, Russia gets the opportunity to continue killing Ukrainians in their country. But Russia vseravno lose this war.

[zasad@]

Each country will first of all do everything to defend its interests. China buys Russian oil and gas and sells its resources to Europe. Saudi Arabia buys Russian oil products and sells its own to Europe. European countries buy Russian oil products in African countries. Russia cannot be isolated, but for other countries, on the contrary, this situation provides a good opportunity to earn or buy resources for cheap.

[DrBeer]

Ever heard the scoop about UAE hitting the jackpot, mopping up nearly all of Russia's glittering gold? It's like they're on a golden health kick, with Russia being their limitless goldmine! It's a wild turn of events since Russia got the SWIFT ax. Almost as if they're shrugging it off saying, "Who needs SWIFT when we've got a gold mine, huh?"

Russia ain't your run-of-the-mill gold factory. They're the head honchos, churning out an eye-watering 325 tons of the glimmering element each year. Faced with trading hurdles, they opted for a gold yard sale. Hard to fault them for trying to steer their economy clear of disaster.

And let's take a moment for the UN. Their sanction strategy looks a tad like cherry-picking. The well-heeled are having a field day hoarding gold, while the underprivileged are left out in the cold. If this isn't a red flag for a worldwide policy overhaul, I'm at a loss for what is

One of the problems that the "victorious 3-week terrorist war against Ukraine" revealed was the fake "bubbles" and fakes born by Russia. What, of course, they succeeded in was to drive into the heads of other countries that they are the "greatest economy", "the strongest army", "unparalleled weapons." But as reality has shown today, these are fakes. Same picture with gold. On the one hand, Russia will produce about 10% of world gold production. On the other hand .... But on the other hand, there are nuances.
In the first place - technological. Yes, yes, in Russia there is a problem with mining technologies. And not only oil and gas, but also gold. Yes, Russia does not have its own equipment and its own production technologies. Etol everything is bought in the west and for dollars. Or from China, but also for dollars (hello to fans of "de-dollarization")
On the second - the opportunity to get new equipment. The wear of such equipment is very high, because mining gold in roshisi is by no means the easiest. This leads to another problem - the cost of mined gold. This is the third problem. It's cost is quite high. And in the market, Russia has its place only because of the volume of gold And it is difficult to ensure its regular production, due to sanctions and lack of access to technology. Now we are witnessing a simple sale of everything in order to at least somehow stay afloat, in the meager hope that the world will stop helping Ukraine, and Russia will be able to take a break and recover ... In vain they amuse themselves with such fantasies

[bussybuddy]

I agree with you that banning poor countries from buying assets on the international market is a cruel and unfair policy. This not only makes it more difficult for poor countries to develop their economies and reduce poverty, but it also limits market competition and increases financial disparities between countries. The exploitation of the resources and assets of poor countries by rich countries often has dire consequences for the environment and human rights. Therefore, there is a need for balance and cooperation between countries to ensure that the assets of poor countries are protected and used for economic development and poverty reduction, while ensuring rights and justice. to the people of those countries.

[coupable]

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?

This is not surprising at all, and we are following it in the field of Russian oil derivatives, which China and India buy from it at less than half the price that Europe used to buy. Russia is involved in these agreements since it must continue financing its military campaign against Europe without ceasing to support its domestic economy.
Russia's exclusion from the SWIFT system has serious repercussions on the Russian financial economy, and it will certainly seek to find ways to avoid these repercussions, and it is certain that there will be those who will take advantage of the opportunity for Russia to get into trouble to benefit.
Personally, I did not have the information, but I am not surprised that the United Arab Emirates appeared on the list of beneficiaries.
There is a well-known concept in economics called the "war rich" developing from a pre-existing concept called "crisis merchants". These concepts apply to states just as they apply to individuals.

[Gyfts]

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?

Most countries being devastated by a war? What war? Did World War III just start? Are you talking about the war in Ukraine?
How the hell could the war in Ukraine devastate most of the countries in the world? I don't think that most of the countries in the world seem "devastated" right now. The global inflation is caused by FED and the big central banks around the world, not by the war in Ukraine.
The poor countries can't buy lots of things, because they don't have enough money, not because they are harassed or banned.
UAE has lots of money, so they can buy whatever they want from whoever they want.
Some authoritarian regimes get harassed and sanctioned by the US, but this is kinda understandable. The USA still wants to play the role of a "global policeman".

Central bank policies related to money printing during COVID is part of why inflation rose sharply in 2022 but that wasn't the only factor. Ukraine war disrupted exports from eastern Europe and energy prices began to increase which had a domino effect causing price increases in every other industry. Depending on the narrative, people tend to blame one or the other when both are to blame. But with the war, as things begin to stabilize you would expect prices to lower (thereby reversing inflation, not merely lowering the rate of inflation). With central bank money printing, the rate of inflation can only decline, the aggregate prices of consumer goods won't go down. This is because once money is printed, there isn't a feasible way to remove it from circulation. War related inflation really comes from scarcity of goods, whereas money printing related inflation artificially increases demand by issuing new dollars.