Executives from across the gold industry will next week gather at the five-star SO/ hotel in Dubai for the city’s annual Precious Metals Conference.

Speakers include the general counsel of the London Bullion Market Association who will give a talk on “Enhancing governance in challenging times”.

Gold is generating a vital source of revenue for Russia.Credit: AP

Hanging over the conference is the spectre of Russian gold.

Last week, the UK’s National Crime Agency (NCA) issued a red alert warning that Russia was increasingly using gold to avoid sanctions.

The NCA warned of deliberate attempts “to launder sanctioned gold to mask its origin so that it can be hidden in supply chains and sold in the UK and around the world”.

The UK government has also just become the first Western nation to announce a series of sanctions targeting specific companies involved in Russia’s gold trade.

These include UAE-based gold trader Paloma Precious. Paloma is alleged to have traded $US300 million ($472 million) in Russian gold since Vladimir Putin invaded Ukraine.

UAE is now under intense scrutiny for its role in the global market for shadowy Russian gold.

QOSHE - How untraceable Russian gold is funding Putin’s war machine - Melissa Lawford
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How untraceable Russian gold is funding Putin’s war machine

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15.11.2023

Executives from across the gold industry will next week gather at the five-star SO/ hotel in Dubai for the city’s annual Precious Metals Conference.

Speakers include the general counsel of the London Bullion Market Association who will give a talk on “Enhancing governance in challenging........

© The Sydney Morning Herald


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