Russian gold lost to the West - Bloomberg

The G7, EU and Switzerland, a major gold hub with a traditionally neutral stance, banned Russian gold imports last summer in an effort to damage the country's $20 billion gold industry. Small players from logistics companies to dealers have stepped in, with the UAE, Hong Kong and Türkiye replacing the UK as the new top destination for Russian gold. The UAE has become a hub for the precious metals trade between the East and West, with more than $500 million worth of bullion being exported there in the six months through August. Turkish gold worth about $305 million was tracked as passing through Istanbul airport between March and August last year. Hong Kong-based financial company VPower Finance Security handled more than $300 million of Russian gold shipments between March and August last year. Russian gold miners boosted output by 26.5% year-on-year in March, with gold production jumped by more than 30% compared to February.