UAE is the biggest gold buyer of Russia during this war

[panganib999]

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?

I mean that's the business of it. If you're a weak country you can't really afford making those risky decisions cause barring and a lot of restrictions will be imposed upon you. Bigger countries like UAE and a couple more could afford to face the wrath of the US cause what the heck are they going to do? Nuke them? I don't think so. It's just how the way things go and I think that's actually a little smart than being fair to everyone and outright imposing restrictions on all countries who supported Russia in one way or another. That's going to seriously hurt the world economy even more and may even just set in recession if left unchecked.

Plus it disallows these countries from strengthening ties with Russia as most alliances nowadays come the in form of collaterals (I've never heard of diplomatic alliances on the news lately, so correct me if I'm wrong).

[DrBeer]

....I mean that's the business of it. If you're a weak country you can't really afford making those risky decisions cause barring and a lot of restrictions will be imposed upon you. Bigger countries like UAE and a couple more could afford to face the wrath of the US cause what the heck are they going to do? Nuke them? I don't think so. It's just how the way things go and I think that's actually a little smart than being fair to everyone and outright imposing restrictions on all countries who supported Russia in one way or another. That's going to seriously hurt the world economy even more and may even just set in recession if left unchecked.

Plus it disallows these countries from strengthening ties with Russia as most alliances nowadays come the in form of collaterals (I've never heard of diplomatic alliances on the news lately, so correct me if I'm wrong).

The fact is that there was no ban on the sale of gold from the country of an international terrorist today ... And some countries for which "money does not smell" expectedly took the chance to extract the maximum benefit from "tomorrow's corpse" ... Well, what to waste gold (UAE), or oil (India and China)? Anyway, soon the "camera with the international criminal will be closed", and no one will pay attention to those who simply "used the situation", everyone will be busy with the criminal and his deeds... Therefore, for some time we will all be watching the "premortal economic activity" "Russia, which is now selling all the resources for which they pay at least some money, to support the criminal regime.

[Mauser]

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 is sad that there always some people profiting a lot when millions are suffering. Before the Russia Ukraine war last year, I thought that another big war in Europe would never happen again. The main issue we have is that the world is more divided than ever and every country tries to put themselves before everybody else. As long as we think in national identities instead of the world as a whole we will always have wars. When looking at the last 12 months I see that China, India and UAE seem like the big winner of the sanctions against Russia. Western countries stopping to buy from Russia forced the price down of many commodities considerably, and other countries are happily picking up the bargain now. Again as long as there are ways to get around sanctions and for the world not to speak as one voice, there will be people trying to take advantage of others.  With that being said, poor countries shouldn't be feeling be bad when they are doing the same thing that rich countries are doing. If everybody puts their own country first then the poorer countries need to do the same, there is no point in taking the moral high ground if your people are suffering for it.

[Silberman]

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.

You hit the nail on the head right there, politicians want to makes us believe they are bunch of idealist when the truth is they are the most pragmatic bunch of people alive, basically as long as they can get benefits out of something then regardless of how morally bankrupt they become that is what they will do, so even if the invasion of Ukraine by Russia is criminal as long as the benefits are good enough there will always be countries willing to turn a blind eye to it.

[Bananington]

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?

Poor countries are mostly dependent on bigger and richer countries hence the need to stay in line with rules and regulations, to prevent sanctions that can cripple the economy further and make things worse for them and the citizens. These countries because they know that they are not self-sufficient and self-sustaining need to act according to what the bigger and richer countries that they depend on decide. The very wealthy countries can be self sustainable and easier to create alliance with other countries because of what they can offer, so they can do whatever they like and get away with it (in this case).

[DrBeer]

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 is sad that there always some people profiting a lot when millions are suffering. Before the Russia Ukraine war last year, I thought that another big war in Europe would never happen again. The main issue we have is that the world is more divided than ever and every country tries to put themselves before everybody else. As long as we think in national identities instead of the world as a whole we will always have wars. When looking at the last 12 months I see that China, India and UAE seem like the big winner of the sanctions against Russia. Western countries stopping to buy from Russia forced the price down of many commodities considerably, and other countries are happily picking up the bargain now. Again as long as there are ways to get around sanctions and for the world not to speak as one voice, there will be people trying to take advantage of others.  With that being said, poor countries shouldn't be feeling be bad when they are doing the same thing that rich countries are doing. If everybody puts their own country first then the poorer countries need to do the same, there is no point in taking the moral high ground if your people are suffering for it.

1. Not a war between Russia and Ukraine, but an attack and terrorist war by Russia against Ukraine. Ukraine is not waging war against Russia, Ukraine is defending itself against aggression. This is a very important nuance.
2. Yes, the principle "money doesn't smell" works even now. It is only a cynical business. Well, and an opportunity to "screw" Russia, before its collapse.
The "friends of Russia" are doing everything possible to get as much as they can for personal gain, as long as it is still possible to take something from Russia for a penny.
3. the world will draw conclusions from this story. Most likely, the countries that aided/assisted the terrorist country will get their sanctions. The international sanctions enforcement system will most likely develop new mechanisms to identify and block sanctions circumvention methods.

[Sayeds56]

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 is common that during the period of economic uncertainty and regional conflicts, individuals and countries buy Gold as it is considered best hedge against inflation. The other reason of buying Gold is that  many countries are reducing their dependence on US dollar and diversifying their reserves with Gold and other prominent currencies including Euro and Chinese Yuan.
As far sanctions on trade with Russia are concerned, I think there are many countries involved in buying Russian oil and goods including UAE(United Arab Emirates) despite these measures, which raises question about their effectiveness and discriminatory behaviors of those responsible to implementing them.

[Ozero]

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.

First of all, it is worth noting that if Russia sells its gold reserves in large quantities, then things are going very badly for her in the second year of the military invasion of Ukraine. Of course, there will always be buyers for such goods as gold.
But Russia should not expect sanctions to be lifted after the end of hostilities. Recently, the British Prime Minister promised to maintain sanctions against Russia until full compensation is paid to Ukraine for the damage it caused in the war.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://iz.ru/tag/sanktcii&ved=2ahUKEwiinMr_iNX_AhX3hP0HHbR9Cf44ChC3AnoECAkQAQ&usg=AOvVaw2tpi2nuhwGhSbOjQkYcXan

[Sithara007]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

[Ozero]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

Russia used to solve the problems of controlling many of its interests in African countries by force. For this, various private military companies were created, such as the Wagner PMC. But the situation, I think, will change after the defeat of Russia in the war against Ukraine. A weakened Russia will no longer be feared and it will lose its positions in the international arena.

[be.open]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

I think the key resource, for control of which Russia is quite successfully competing with France in Central Africa, is not gold, but uranium.

[Freddie Boyer]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

I think the key resource, for control of which Russia is quite successfully competing with France in Central Africa, is not gold, but uranium.

Yes. you are very sensitive and have a very high hunch in seeing the continued development of all of the above. Yes, uranium. I think it is more and more than gold and will be the most sought after. I think we too here will look in the direction you're referring to sometime. cheers.

[yhiaali3]

It is more about economics than politics, but it is a good use of the situation. It is not that the Arab Emirates support Russia in its war, but it is benefiting from Russia's need to sell its gold.

The UAE realizes that fiat has no future because of inflation, and soon another currency will appear as an alternative to the dollar, so it is trying to build its strategic reserves of gold.

This is a sound economic policy from my point of view. It does not matter if the gold is from Russia or any other country, but the important thing is to collect the gold to form a strong strategic reserve base.

[Balmain]

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.

Developing countries such as the country where I live have started to store a lot of gold in recent years. The 51% dollar hegemony really shows that it has decreased, which I think will decrease even more when I interpret it according to the current balance. Many countries do not want to use stable dollars in trade. Some countries can create many alternatives among themselves. UAE is doing the logical thing, they already have enough liquidity and they exchange it with gold when there is cheap gold in the market.

[khiholangkang]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

I think the key resource, for control of which Russia is quite successfully competing with France in Central Africa, is not gold, but uranium.

Yes. you are very sensitive and have a very high hunch in seeing the continued development of all of the above. Yes, uranium. I think it is more and more than gold and will be the most sought after. I think we too here will look in the direction you're referring to sometime. cheers.

Maybe yes and maybe not, I don't think it can be viewed straight in assessing gold with uranium, gold becomes an important commodity for global level transactions and is a storage of wealth value, while Uranium is one of the poko minerals to make a nuclear tanaga power plant.
Valuable or not it depends on the needs and plans in the future.

It is more about economics than politics, but it is a good use of the situation. It is not that the Arab Emirates support Russia in its war, but it is benefiting from Russia's need to sell its gold.

The UAE realizes that fiat has no future because of inflation, and soon another currency will appear as an alternative to the dollar, so it is trying to build its strategic reserves of gold.

This is a sound economic policy from my point of view. It does not matter if the gold is from Russia or any other country, but the important thing is to collect the gold to form a strong strategic reserve base.

I also think like that, and this is more to how the UAE government anticipates the bad things that occur in this world, from the many tensions and see from the competition to build the allies of each block to make it stronger.
This is natural and this is a stratgical choice rather than having a dollar/fiat, which can be destroyed if it is no longer accepted.

[AmoreJaz]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

Russia used to solve the problems of controlling many of its interests in African countries by force. For this, various private military companies were created, such as the Wagner PMC. But the situation, I think, will change after the defeat of Russia in the war against Ukraine. A weakened Russia will no longer be feared and it will lose its positions in the international arena.

and it seems it is heading that way. it is more than enough to see that russia is not the world power it seems to be. after this war, i believe, the world will have different perspective towards russia. for sure, there will be so much lessons gained by a lot of governments from this long battle. too many lives wasted for this unnecessary war.

[pooya87]

Rulers of any country with half a brain are buying gold (among other things) these days to reduce their dependence on fiat and more specifically on US dollar that keeps being dumped and printed at the same time. With dedollarisation, countries have to have a replacement otherwise they wake up one day and see all their reserve currency is turned into garbage.

What's even more interesting is that majority of these purchases are not being reported on in the mainstream media. As if they want to keep it under the radar in order to not let the price shoot up while they accumulate...

[DrBeer]

Apart from the fact that Russia is one of the largest producers of gold, they also control a number of gold mines in the conflict zones of Africa, such as Sudan, Central African Republic and Mali. These mines were previously controlled by colonial powers such as France, but Russia took over the operations as they were able to provide much better deals. And gold is not like crude oil. You simply can't sanction gold trade. It doesn't require expensive tankers to move, and also there is a limited supply available (with more than 10% of the output controlled by Russia).

You are all right! Absolutely right ! Only for some reason you decided to keep silent - how and by what forces this control was obtained. I will clarify your post, as often happens
No, russia did not invest in building infrastructure, did not invest in the listed states, did not help to build enrichment plants. No. They paid the local "czars", brought in mercenaries like PMC Wagner, or rather PMC Wagner, and allowed them ANY method to gain control over the existing mining companies and mines. Then, at a near-zero price this gold was placed at the disposal of the Kremlin. Shall I tell you the story of the Wagner PMC or can you read it yourself? It was created in early 2012, officially it began to be talked about around 2015.

Now the situation has changed - the U.S., France, partly the EU and other countries have recognized this group as a terrorist group, which means the end of the Wagner PMC is destruction, which means the flow of gold to Russia will be reduced to a minimum...

The fact that Russia, in the death throes of its economy, is selling out everything it can - this is not surprising, but ... the reserves are not eternal in a losing war at the doorstep

[Hamza2424]

The pretty old topic still I think over the gold market China is a big player and China is making each and every effort to own as much as possible Gold reserves seem like they are diversifying things to support their economy in a better way. Still, India and China are both big gold markets from the consuming point of view. For UAE I am not sure.

As the topic is specific in its ideology War between Russia and Ukraine Nah I don't think so because if we consider it as a war full fledge War Ukraine stand nowhere, I am not underestimating them but I think it's like a defending and some sort of strike on the basis of lame excuses (Terrorism.. nah it's not that simple). I am not much familiar with global politics but it's a trap. For those who are saying Russia is selling everything haha I would say they have a lot of natural resources which are their backbone and if they are selling them off nothing bad because Gulf countries did the same.

[jacafbiz]

A good leader will take advantage of opportunity like this, this war has made some prudent countries to get better by making the most of he cheap resources from Russia. The way some countries decided to make their citizens to suffer for a war that do not concern them, I am not surprised that countries like India, China and UAE are making the most of this war, buying cheap oil and Gold but the Europeans are paying through their nose for the fuel and they are suffering high inflation for these useless decisions by their leaders