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The trail of gold is becoming a crucial source of income for the President of Russia
– Sputnik/Sergei Savostyanov/Pool via REUTERS
Executives from the gold industry will gather at the 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 present on “Enhancing governance in challenging times”.
The conference is overshadowed by Russian gold with the recent red alert issued by the UK’s National Crime Agency (NCA) warning of Russia’s exploitation of gold to evade sanctions.
The NCA revealed that Russia is suspected of trying to obscure the origin of sanctioned gold in order to covertly sell it in the UK and across the globe.
Moreover, the UK government has commenced the imposition of sanctions on specific companies involved in Russia’s gold trade, including Paloma Precious, a UAE-based gold trader which has allegedly traded $300 million in Russian gold since the invasion of Ukraine by Vladimir Putin.
The emerging scrutiny on the role of the UAE in the global market for Russian gold illuminates a complex web of financial networks and illicit practices.
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