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Russian gold moving to the UAE. The UAE has not joined Western sanctions and says it trades in line with UN norms, so import is lawful under UAE law; the UAE was the largest destination for Russian gold in 2022. An EAEU-UAE Economic Partnership Agreement was signed on 27 Jun 2025 and ratified by Russia in May 2026 (text and gold coverage not held). The exposure is external: US secondary sanctions (OFAC designated a DMCC front company in June 2024 for obscuring payments from Russian gold sales; since June 2024 foreign banks risk sanctions for significant transactions involving any EO 14024-blocked person) and the UK, Swiss, Japanese and EU measures, which stop Russian gold, or third-country-processed gold containing it (UK, Switzerland), from moving on to those markets.
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Western origin-based bans redirected Russian gold to the UAE in 2022-23; later reporting says Hong Kong overtook Dubai as the main hub in 2023.
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