Topic: UAE is the biggest gold buyer of Russia during this war (Read 553 times)

The operation of American and British troops led by the United States in Iraq began on March 20, 2003 - and already on May 1 of the same year, US President George W. Bush declared victory on the deck of the aircraft carrier Abraham Lincoln. Ukraine did not participate in hostilities during this period.
After the end of the US military operation in Iraq (without a UN mandate), US President George W. Bush called on the international community to take part in establishing democracy in Iraq.

On June 5, 2003, the Verkhovna Rada of Ukraine ratified the presidential decree on the participation of Ukrainian troops in the peacekeeping mission in Iraq, which were sent there in July-August 2003. In general, from August 2003 to March 2005, there were about 1,600 Ukrainian military personnel (including 14 women) and more than 2,000 pieces of equipment in Iraq. Ukrainian military personnel carried out tasks on the Iran-Iraq border, in the settlements of Al-Kut, Al-Hai, Es-Suwayra, Babylon, Baghdad, and at the Arafat crossing point (Fort Badra). In total, 18 Ukrainian peacekeeping troops were killed in Iraq and over 40 were injured. The engineering and sapper unit took part in demining the area and destroying unexploded ordnance and other explosive objects. Also, military personnel of the Ukrainian contingent conducted military training for the ICDC territorial defense battalion of Wasit province.

After the withdrawal of the Ukrainian peacekeeping contingent from Iraq at the end of December 2005, about 50 Ukrainian military advisers and instructors remained in Iraq.
https://ru.m.wikipedia.org/wiki/%D0%A3%D0%BA%D1%80%D0%B0%D0%B8%D0%BD%D1%81%D0%BA%D0%B8 %D0%B9_%D0%BC%D0%B8%D1%80%D0%BE%D1%82%D0%B2%D0%BE%D1%80%D1%87%D0%B5%D1%81%D0 %BA%D0%B8%D0%B9_%D0%BA%D0%BE%D0%BD%D1%82%D0%B8%D0%BD%D0%B3%D0%B5%D0%BD%D1%82_ %D0%B2_%D0%98%D1%80%D0%B0%D0%BA%D0%B5

Thus, Ukrainian troops were not involved in direct combat operations in Iraq and were only involved in the post-war adaptation of the Iraqi population as a peacekeeping contingent.

What do you mean by "now"? Now that Ukraine is under invasion and needs a UN resolution? LOL
The American organization known as UN has always been a useless organization.

Of course in a way your statement isn't wrong. UN has outlived its usefulness for you. Otherwise if it were a legitimate international organization they would have intervened and punished Ukraine as one of the participants in an illegitimate invasion more than 20 years ago when the Ukrainian regime provided the largest number of troops for the US led massacres in Iraq and elsewhere.

But as a useless organization we saw nary a resolution against US or the dozens of countries that participated in the slaughter of over a million people in West Asia...

The UN Security Council must sit down and find a solution to the conflict, namely how to avoid daily attacks by Russian troops in Ukraine with the aim of seizing its territory? Is this the UN Security Council, which is now chaired by Russia and which constantly vetoes any UN resolutions against it as a war aggressor?

This is the Russia that generally needs to be thrown out of the UN, and not only because it does not comply with the UN Charter and any principles of this international organization, but simply because no one has ever accepted the Russian Federation into the UN and its Security Council. Russia is an impostor at the UN, but the UN does not want to consider this issue on the initiative of Ukraine. The UN structure has long outlived its usefulness; it is now the most useless international body, which is not only unable to effectively stop wars on the planet, as intended, but also cannot even pass a tough resolution condemning the Russian Federation’s war of aggression in Ukraine.

Outcast country status, terrorist country status, "toxic regime", sanctions, economic collapse, loss of "second army" status, "fake" status - about many branches of russia and russia as a whole, loss of a place in international space, and many other extremely negative events - is this your strengthening?

Especially the so-called "friends of russia" are two camps:
1. The rogue countries that want to benefit from Russia (Iran, North Korea, etc.). Here it's simple, "like-minded befriends like-minded".
2. the "kites", who see a slowly dying "superpower", from which now we can "rip something off" before it starts to smell like dead meat and no one needs it. China and India are getting oil for a penny. In addition to the price, they simply "cheat" Russia out of money (the facts are in the public domain - very easy to find). Because they understand that russia has NO CHOICE! And russia sells off its last reserves for pennies... But resources are not limitless, the economy is falling apart, especially without access to western technology... And if the USSR collapsed for more than 10 years, with a more powerful and self-sufficient economy, the term of Russia is much shorter. Just remember that the real sanctions only work for 9 months.

That's why they are actively selling gold. Yes I will answer the question "this is how russia buys gold" beforehand. Yes it does, but it buys it even cheaper than it sells it at a dumping price. It buys a lot of domestically produced gold (i.e., no currency for it), gets gold from the seized mines and factories, which in some African countries have fallen into the hands of the Wagner PMC. By the way, this grouping was created precisely to seize the resources of some African countries, to fill, for pennies, Russia's gold reserves ...

Although I think war can never be a way to the solution. However, I think that despite Russia's losses in the war in Ukraine, Russia's power in the world has increased somewhat. In particular, the monopoly of the United States of America has diminished somewhat. Many countries of the world are now joining hands with Russia and China. And in view of this, the buying of gold has been affected. And I don't find cruelty here because I see that autocracy is diminishing.

This is a very serious philosophical question - what is more important in human history - power or economy. 

Many scientists - sociologists (historians, economists, etc.) believe that all historical events are determined solely by economic reasons.  Therefore, they explain all wars with purely economic reasons - the desire for profit (for economic gain). 

However, there is an opinion that the desire for power (to maintain or seize power) is always more important than economic issues.  If the elites believe that certain actions will help them retain power, then they will easily sacrifice the economic interests of their country and the welfare of their people. 

They do not need a rich and prosperous country, if in this country they will not be in power, but other people.

Don't try to find HUMAN LOGIC in the actions of the Kremlin regime. It is the ideology of a criminal, a maniac. I like this alien thing - I want it! It goes something like this.
In fact, you remember very well when Russia's terrorist attack on Ukraine began - in 2014, after the people of Ukraine overthrew and expelled pro-Kremlin President Yanukovich. That was the trigger, or rather the wild scare of the Kremlin kleptomaniacs and criminals. They were frightened of how Ukraine had set an example to all its neighbors of how to deal with totalitarian criminal regimes. The result was an attempt to destroy the INDEPENDENT Ukraine. This is generally the main reason...

And now that the world community is helping Ukraine to finish off racism, some have decided to use the situation to their advantage... Someone is buying gold for cheap, someone is buying oil for a coin...

Not sure if that was the thinking they had, but I am pretty sure that every nation in the world does what's best for them and that's how they move on. If you think that any nation would do something just to hurt itself, then you are pretty wrong. Even Russia is doing something that is hurting them, it's a stupid move for sure, but they are doing it to take those lands and they mattered to them, I have no idea why they mattered but they did and that's why they attacked.

Attacking nearly a European nation in this decade is definitely stupid because it would not make sense but they still did it with aim of benefiting themselves, failed but that was the goal. So all those nations did it because they believed it would benefit them.

Thank you for your concern and support of the people of Ukraine. We will stand, we will win, the aggressor has left us no other choice, and friends around the world are helping us and bringing our victory closer!

Regarding sanctions. Back in the middle of 2022, when the world realized who they were dealing with and started imposing sanctions, I explained to everyone that sanctions are not a shot to the temple. That's not how they work. Especially in relation to the economy of a country that managed to virtually monopolize the supply of gas and oil to the EU, making major EU economies dependent. Plus, deep international corruption, black profits and other things have allowed "deep penetration" into the authorities of many countries and made them hostages too - of dirt, money, something else.
That is why sanctions cannot be a solution that will "solve the problem in half a year". Sanctions are like a boa constrictor strangling its victim - at first it is hard to breathe, then the bones break, then the finale.

If you look at the indicators of the Russian economy (by the way, many indicators have been classified "for some reason"), you will see a terrible budget gap, huge holes, and many other extremely negative events for the economy. And at the same time the sanctions have been in effect for only one year! The USSR was under sanctions for just over 10 years. But the economy of the USSR was much more powerful, there were donor countries, at the expense of which the USSR held on for a while, but even then it collapsed like a colossus on clay feet.  Russia will not last 10+ years, I think it will take from 3 to, at most, 5 years.

I deeply empathize with all citizens of Ukrainian who have been enduring through devastating situation for years. The ongoing conflict has brought immense sufferings and hardships for the people of Ukraine, and my sympathies go out for them. As a victim of war your emotions are understandable, however the opinion about effectiveness of sanctions as a tool to bring this conflict to an end, is a debatable topic and there are divided opinions. Evaluating the impact of sanctions can be complex and requires careful analysis. It is important to explore and utilize all other means available, in addition to continuation of sanctions that could contribute to the resolution of  this conflict.

As a resident of Ukraine, who has been observing with my own eyes what Russia has done in Ukraine since 2014, and especially in the second phase - since February 2022, I declare to you with full responsibility - no negotiations with Russia are possible! Their word and promises are not worth ANYTHING!
I can remind you of the Budapest Memorandum, a bunch of treaties on "Friendship and Cooperation" between Russia and Ukraine, on the recognition of the integrity and inviolability of Ukraine, on the recognition of the right of self-determination... Where are all these treaties, promises, words from tribunes? Now instead of these words there are hundreds of cities and towns that have been FULLY destroyed. Instead of promises - hundreds of thousands of brutally murdered civilians of Ukraine. Example - tonight, for example, Russia struck the peaceful city of Lviv with 10 "Daggers", hitting residential buildings and killing civilians. Instead of promises of friendship, millions of people have lost everything and are forced to leave their cities, homes, everything they have accumulated throughout their lives and move to other cities and even countries!
your suggestion sounds very unreasonable, believe me. We too want peace, but we know the meanness and perfidy of russia. "The Russian world" is a cancerous tumor of the world. You know very well how oncology is fought - the destruction of this contagion to the last cell of the carrier of the cancer ! Until RASHISM is destroyed like Nazism in 1945 - the war will not stop, the world will be shaken by terrorist attacks and wars.

Do you think Ukraine is the first victim of russia? Let me remind you - Ichkeria, Moldova, Georgia, Azerbaijan and many others, and this only in the last 20 years! Look at the metastases of the Russian world - the PMR, the LND, the DNR, Abkhazia... They are points of destabilization of entire regions. 
You still want to treat cancer with talk?!

That is why economic squeezing, sanctions, aid to Ukraine, and pressure on terrorist accomplices are the only way to save the world.

Indeed, prolonged conflict between Russia and Ukraine is a matter of great concern for all of us, as it is directly or indirect affecting life of everybody worldwide, in the shape of loss of innocent lives of civilians, property damage and soaring inflation. As an advocate of peace , I strong urge everybody to raise their collective voice on all forums to compel major world powers to start negotiation to bring this conflict to an end. The continuation of this conflict can potentially involve neighboring countries and can result in catastrophic situation.

It seems like Big powers are not interested in resolving the Ukarine / Russia conflict as it's going on for over a year now. UN security Council must sit down and figure out some solution to this conflict. Already there is too much loss of human lives in this conflict.
India has decade old defense and business ties with Russia while Gulf countries are in western camp. So far usa is not sussssful in getting support of India nor Gulf countries which is a kind of Diplomatic win for Russia. The irony is that no side is giving up and is the reason conflict is getting prolonged.

In the midst of sanctions that are implemented on Russia, surely the Russian gold price will offer will be cheaper to those who buy it, of course UAE who has integrity in running the government and diplomacy that is quite good with many other countries, certainly will not miss the benefits they can get on Situations like this, and this is a strategic step taken by the UAE government, if it is connected to the rise of de dolarization and the issue of renewal of the international transaction currency, depreciation will occur and yes UAE needs a value of value for its currency in the event of fluctuations. Imo
Mohammed bin Zayed Al Nahyan is a businessman who is quite reliable, if I am not wrong to hear that Russia oil is limited by the price by the European Union, UAE bought Russian oil, then sells it again to the European.

In the case of the European Union, it is forbidding other countries to work with Russia, but if you look at the big glasses of the European Union today, they cannot do much, because today they have to solve the problems in their country, especially the energy problem and in essence they are very dependent In other countries. CMIIW

The geopolitical situation surrounding Ukraine war is very complex, making it challenging  for countries like India, UAE to align with a particular side. These nations have traditionally have been maintaining a principled policy of nonalignment, and it is in their national interest to maintain a neutral stance.

Moreover, buying of Gold during the times of  conflicts, is a common practice of countries  to diversify their national reserves to mitigate the potential impact of currency fluctuations.

If you look at the countries mentioned as well, they are one of the best most giant countries that could independently stand on their own, they know what they are doing by standing o the fence to avoid their involvements or being one sided knowing that they were also influential in making decisions because they are giant on their own, we cannot predict what the future may also brings concerning them on having related issues like that with Russia or any other country, everyone is for now trying to maintain his limit without interfering on other's issues, but with buying of gold from Russia, there may be a likely possibilities for that and it will have to be done saliently because Russia need an exchange means to help it reimburse her supply for weapons.

 

To adequately answer your question, let us first define the statement "during the Russia vs NATO proxy war that is ongoing on Ukraine.
I very much hope that you are in good mental health, and that you do not have any difficulty in perceiving reality. So the question is, where is NATO at war with Russia?
Maybe you will also say that the attack on Ukraine in 2014 was a consequence of "Ukraine joining NATO"? Just in case - the FIRST official document about Ukraine's desire to join NATO appeared .... in 2018, and you can easily check it

But back to the point: "The countries mentioned here (India, United Arab Emirates and China) refused to take sides" - no, they didn't refuse anything, they chose a simple tactic - let's just take a chance for personal gain while Russia still exists and get the maximum benefit from this decaying terrorist state with special cynicism. Let's sell our crap to them, buy oil, gas, gold from them, for a penny, and even for our currencies, without spending dollars. That's the reality, not what you are trying to fantasize. It's just business, not very decent players, but solely for personal gain.

Of course we hope so, but we have to be realistic too that Russia will not just weaken,
its unfathomable strength was certainly a consideration,
that's a sad fact and hope in the future it won't happen again.

The countries that are being mentioned here (India, United Arab Emirates and China) refused to take sides during the Russia vs NATO proxy war that is ongoing on Ukraine. European public elected warmongers like Green Party, and they deserve all the inflation and economic downturn that they are getting now. But why someone in India or China should suffer for this? Crude oil prices have rocketed up by 2x from the 2020 levels. And this has a lot to do with the ongoing wars and policies by Biden regime. Given this, NATO should not advise neutral parties when they try to secure cheaper commodities.

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

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.

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

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...

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.

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.

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.

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.

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.

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.

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

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.

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).

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

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.

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.

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).

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.

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.

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.

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).

Central bank policies related to money printing during COVID is part of why inflation rose sharply in 2022 but that wasn't the only factor. Ukraine war disrupted exports from eastern Europe and energy prices began to increase which had a domino effect causing price increases in every other industry. Depending on the narrative, people tend to blame one or the other when both are to blame. But with the war, as things begin to stabilize you would expect prices to lower (thereby reversing inflation, not merely lowering the rate of inflation). With central bank money printing, the rate of inflation can only decline, the aggregate prices of consumer goods won't go down. This is because once money is printed, there isn't a feasible way to remove it from circulation. War related inflation really comes from scarcity of goods, whereas money printing related inflation artificially increases demand by issuing new dollars.

This is not surprising at all, and we are following it in the field of Russian oil derivatives, which China and India buy from it at less than half the price that Europe used to buy. Russia is involved in these agreements since it must continue financing its military campaign against Europe without ceasing to support its domestic economy.
Russia's exclusion from the SWIFT system has serious repercussions on the Russian financial economy, and it will certainly seek to find ways to avoid these repercussions, and it is certain that there will be those who will take advantage of the opportunity for Russia to get into trouble to benefit.
Personally, I did not have the information, but I am not surprised that the United Arab Emirates appeared on the list of beneficiaries.
There is a well-known concept in economics called the "war rich" developing from a pre-existing concept called "crisis merchants". These concepts apply to states just as they apply to individuals.

I agree with you that banning poor countries from buying assets on the international market is a cruel and unfair policy. This not only makes it more difficult for poor countries to develop their economies and reduce poverty, but it also limits market competition and increases financial disparities between countries. The exploitation of the resources and assets of poor countries by rich countries often has dire consequences for the environment and human rights. Therefore, there is a need for balance and cooperation between countries to ensure that the assets of poor countries are protected and used for economic development and poverty reduction, while ensuring rights and justice. to the people of those countries.

One of the problems that the "victorious 3-week terrorist war against Ukraine" revealed was the fake "bubbles" and fakes born by Russia. What, of course, they succeeded in was to drive into the heads of other countries that they are the "greatest economy", "the strongest army", "unparalleled weapons." But as reality has shown today, these are fakes. Same picture with gold. On the one hand, Russia will produce about 10% of world gold production. On the other hand .... But on the other hand, there are nuances.
In the first place - technological. Yes, yes, in Russia there is a problem with mining technologies. And not only oil and gas, but also gold. Yes, Russia does not have its own equipment and its own production technologies. Etol everything is bought in the west and for dollars. Or from China, but also for dollars (hello to fans of "de-dollarization")
On the second - the opportunity to get new equipment. The wear of such equipment is very high, because mining gold in roshisi is by no means the easiest. This leads to another problem - the cost of mined gold. This is the third problem. It's cost is quite high. And in the market, Russia has its place only because of the volume of gold And it is difficult to ensure its regular production, due to sanctions and lack of access to technology. Now we are witnessing a simple sale of everything in order to at least somehow stay afloat, in the meager hope that the world will stop helping Ukraine, and Russia will be able to take a break and recover ... In vain they amuse themselves with such fantasies

Each country will first of all do everything to defend its interests. China buys Russian oil and gas and sells its resources to Europe. Saudi Arabia buys Russian oil products and sells its own to Europe. European countries buy Russian oil products in African countries. Russia cannot be isolated, but for other countries, on the contrary, this situation provides a good opportunity to earn or buy resources for cheap.

In Russia, there is already an acute shortage of money and, above all, to finance the war with Ukraine, which has been going on for the second year. Therefore, the sale of gold is a direct source for financing this war. Unfortunately, there are a number of countries, such as the UAE, who do not care that by selling their gold, Russia gets the opportunity to continue killing Ukrainians in their country. But Russia vseravno lose this war.

The numbers provided by the OP are not very accurate. Before the war, almost 95% of the Russian gold was exported to the United Kingdom, and it was traded at the London Metal Exchange. As a result of the embargoes, now most of the Russian gold is being exported to United Arab Emirates, China and Turkey, where the gold bars are converted to bullion coins. UAE imported more than 100 tonnes of Russian gold between March 2022 and March 2023, with Temis Luxury Middle East alone importing 15.6 tonnes. The major importers of Russian gold within UAE are as follows:

Temis Luxury Middle East: 15.6 tonnes
Transguard (Emirates Group): 14.6 tonnes
Shams Gold Trading: 8.0 tonnes
Privilege Group DMCC: 7.5 tonnes
Al Aseel Jewellery LLC: 5.3 tonnes
Paloma Precious DMCC: 5.1 tonnes

17 more UAE based companies imported Russian gold in quantities between 1 to 5 tonnes, while others imported less than 1 ton each.  

OP claimed that UAE imported 99.3% of Russia's gold output (325 tonnes). Real number is much lower.

Vpower Finance Security Hong Kong Ltd imported 20.5 tonnes of Russian gold to China during the same period.

I would not say that the Third World War began.  Yes, the Third World War may start in the future, but so far this event has not happened. 

Some experts believe that the system of world globalization is currently collapsing and new large geopolitical economic zones are being formed.  Each of these future large economic zones needs resources, population, allies, as well as scientific, technological and cultural potential. 

Is this theory true?  I don't know....

However, it can be stated with a high degree of certainty that contradictions between different countries are growing in the world. 

Therefore, many countries strive primarily to protect their own interests.  This is exactly what the United Arab Emirates is doing now (which, bypassing sanctions, buy gold bars from the Russian Federation).

The collaborative relationship between the UAE and the US appears to have strained, evident by the UAE's withdrawal from the US-led maritime coalition. When a country decides to withdraw, it's not due to a single reason alone, but rather a culmination of disappointment with another country's response in their cooperative relationship.

Despite the US acting as the "world police" and engaging in trade transactions with Russia, the UAE still seized the opportunity to purchase Russian gold at a low price. With their unfavorable relationship with the US, the UAE's decision becomes even stronger and serves as evidence of their disappointment with the US' treatment as partners.

At this point, Russia produces close to 9%-10% of the global gold mine output. Back in 2020, the total mine output was around 3,200-3,300 tonnes and Russia was producing close to 300 tons per year. And the gold output is increasing with each passing year in Russia. And one advantage for them is that the cost of production is much lower when compared to other countries such as Australia and the United States (check Polyus and Polymetal in the chart pasted below). And sanctions don't have much impact on gold production or sales. They can easily sell their gold to the middle-eastern or east Asian countries.

What if it's just a bussiness. I don't think they need permission from United States for buying russian gold. it's just economy deal not military.
They also know that us dollar has experienced huge inflation these past few months, of course they want to protect themself while they can do it.

Considering how important it is for nations to store gold, and brings them a ton of safety and security, I think it is a super smart decision. If it benefits your nation then sanctions mean nothing and should be ignored, UAE will be benefiting from this, Russia saves the short term by selling the gold, but they are going to be hurt if it goes on for longer, whereas UAE will become richer and richer, would be easy to get cheaper loans as well if they ever need it but looks like they probably won't.

All in the end shows that UAE did the right thing, forget about the war or sanctions or anything else, this isn't about that, this is about government making the nation a better place, I support them for this action and I would highly suggest everyone else to consider doing it too.

From a business perspective, saving more gold makes sense. Yes. The shift in global trade dynamics underscores the importance of diversifying reserves and preparing for an unpredictable future as you said above and the biggest difficulty is getting a little.

Ever heard the scoop about UAE hitting the jackpot, mopping up nearly all of Russia's glittering gold? It's like they're on a golden health kick, with Russia being their limitless goldmine! It's a wild turn of events since Russia got the SWIFT ax. Almost as if they're shrugging it off saying, "Who needs SWIFT when we've got a gold mine, huh?"

Russia ain't your run-of-the-mill gold factory. They're the head honchos, churning out an eye-watering 325 tons of the glimmering element each year. Faced with trading hurdles, they opted for a gold yard sale. Hard to fault them for trying to steer their economy clear of disaster.

And let's take a moment for the UN. Their sanction strategy looks a tad like cherry-picking. The well-heeled are having a field day hoarding gold, while the underprivileged are left out in the cold. If this isn't a red flag for a worldwide policy overhaul, I'm at a loss for what is

I think it's very unfortunate that we live in a world where ethics plays such a small part in political decision-making. There are various countries that should not have been a big part of the international trade for a long time because of their authoritarian policies. But no, Western countries kept trading with them, and now they're in so deep that it's really hard to sever the connections because it will hurt both sides a lot. It applies not just to Russia but also to China and to the UAE.
But continuing doing business with a country that literally uses that money to make weapons and supply its army to kill more civilians in another country in attempts to conquer that country is very troublesome.
Still, I don't see what the op's saying about poor countries being punished but rich countries not being punished being the case in this war.

It's not fair but that's the reality, money is always ultimate no matter what so countries will try to make money out of every opportunity they find and this is one of it. About the restrictions only for poor country yes that is why they are in the commanding position so called super power but over time the name replaced by another one and that's the place that every country is aiming for.

Most countries being devastated by a war? What war? Did World War III just start? Are you talking about the war in Ukraine?
How the hell could the war in Ukraine devastate most of the countries in the world? I don't think that most of the countries in the world seem "devastated" right now. The global inflation is caused by FED and the big central banks around the world, not by the war in Ukraine.
The poor countries can't buy lots of things, because they don't have enough money, not because they are harassed or banned.
UAE has lots of money, so they can buy whatever they want from whoever they want.
Some authoritarian regimes get harassed and sanctioned by the US, but this is kinda understandable. The USA still wants to play the role of a "global policeman".

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.

Of course, some countries use the current situation to their advantage. And it's not just the UAE. Gold, oil and gas, many countries buy for a penny. If the UAE buys gold at a dumping price situationally, then India and China buy oil with pleasure, at a price with huge discounts.
True, there is a nuance here - I can’t say now for what currency the UAE buys gold, but I also think for the most part not for dollars or euros, which are critically needed for the collapsing economy of the country of an international terrorist. India and China filled Russian foreign exchange reserves with their candy wrappers (yuan and rupee), and now Russia does not know what to do with them, because. conversion into dollars "friends" of Russia - banned!

The situation is like before the bankruptcy of a large but stupid company - they are selling everything for a penny, trying to at least somehow "keep themselves afloat."

PS Now new sanctions are being introduced that will greatly reduce the sale of gold and diamonds from Russia ...

Why do you think that the largest percentage of inmates in prisons are "poor" people? Answer : Rich people can afford good lawyers.

The western 1st world countries are too reliant on the United Arab Emirates oil reserves, so they will politely look the other way, because they know that the United Arab Emirates can hurt their economy, if the same actions are implemented against the United Arab Emirates, if they sabotaged the sanctions.

The United Arab Emirates know that they are controlling the world's oil supply, so they can do what they want. 

LOL.. doesn't make any sense. In 2022, the gold reserves of United Arab Emirates increased only by around 30 tonnes. At the same time, OP states that annual gold production of Russia is around 325 tonnes per year. Also, the OP states that UAE imported 99.7% of the total gold output from Russia. These two things are self-contradictory. As far as I know, most of the Russian gold is exported to Switzerland, from where the Swiss banks re-export them as gold bars and coins for investors. UAE might have imported some gold from Russia, but that may be a small fraction of the overall output.

Do you mean the gold of Russia or the Wagner company? The UAE has economic relations with some African countries and it is a commercial center in the Middle East, so it is ideal for those who want to transfer illegal activities and pump them into the formal economy. Many African companies do that in the UAE.

I had read at the beginning of the war about the impact of real estate activity in the UAE and the accumulation of wealth by wealthy Russians here, so that country may be a region for re-exporting Russian crude to countries of the world.

Russia's rich look to stash wealth in Dubai
These wealthy people may pay in gold because of the sanctions on the use of the dollar, and I do not think that there is trade exchange in the local currency between the two countries.

The sanctions are affecting not only Russia's gold business but also oil exports have also seen a huge impact. When Europe lowered the price of Russian crude oil, Russia supplied Asian countries with cheap rate , and several Asian countries took advantage of the opportunity. China and India are one of them. Russia must sell their natural resources to keep the economy active. Russia is doing that anyway while America is failing. Russia is not stopping even after they have given numerous sanctions and they have been successfully conducting war for almost more than 1 year.

Russia is getting gold from some African countries such as Congo and Sudan. So they need the market to sell these precious stones. Due to the sanctions, Russia needs trading partners and they are willing to give trade discounts for trade partnerships. Countries such as China, India, and UAE are taking advantage of this opportunity to buy highly discounted products from Russia. NATO and its partners know that these nations are economically significant to them so they will not sanction them because it will affect them negatively. Poor nations are always the scapegoat when powerful nations are having conflict. This is because their economy can be easily crippled by sanctions. World political economy is always unfair to developing nations because they have less influence in the global economic environment.

In fairness to these other countries, their political policies may not line up directly with those of European and American allies. While they should definitely be encouraged to drop this indirect economic support of Russia, they are still paying much lower prices than Russia would have gotten originally from other countries - so they still lose. I'd be more annoyed if they turned out to be conduits for restricted goods to enter Russia, like microchips or multi-use technology that could be used against Ukraine in this war. Realistically Russia is still the biggest country in the world, who have access to many natural resources that are needed in various manufacturing purposes, so they will always end up finding a buyer for these rare commodities so just need to be haggled down to the floor.

The economy is behind many things in the world. The stronger your economy, the more you can exist. Both a normal person and an ordinary country know this. There are very few countries that do not take advantage of the opportunity to buy gold at affordable prices. Many reprimands have come and we don't know what's going on in the background. Most countries have done many good or bad things for their economies throughout history.

I do not approve of this situation, but we have seen many times that state relations were bad one week ago and good a week later. There is nothing countries cannot do when it comes to the economy.

Yes you are very correct the USD is fast losing its dominance in the global market and this situation is even predicted to get worse so many countries are actually preparing themselves for the the day the US dollars would no longer be in control of the global market.

It would be good time for real and there won't be any monopoly but if the US dollars losses it's grip do you think any countries currency would go into replacing US dollars on that, I don't think so I don't think the world would need such, the market may now be valued in thing like gold possibly that probably why the UAE are looking into it now.

… and friends thats how we moved towards World War III.
So where one nation is trying to impose all the restriction that they could so that war could get over with but yet another country is buying the precious metal which means their income is stable enough to power the war. Now the fact that other three nations are buying gold from the Russia means they will friend zone each other in the future if a war is broke out between two biggest enemies. China and America are already not on the same page so that becomes another reason too.
UAE is definitely gonna buy gold because that’s also one of the historical and cultural importance for the gold. Hope so this does not fund Russian war heads.

Yes, UAE was an oil producing country but it's a limited supply and they just can't depend on it for their lifetime and that's why they're looking for some other source that they can invest with and they're doing it actually with several investments that they think will grow over time. In terms of Saudi, AFAIK they're going with the BRICS and the USA can't do a thing against them because they're the ones where mostly controlling the oil supply globally. Btw, don't be too confused about UAE and Saudi Arabia, they're both rich countries but they're different.

This data is not accurate, the last 3 years are not a measure of what is happening, and I do not think that the UAE is accumulating more gold than the dollar. This country is an ally of the United States and will not do such a thing without obtaining a green light from the United States.

The economy is built to gain opportunities. India, for example, imports oil products from Russia and resells them to European markets, earning the price difference.
The United States exports liquefied gas to the European Union at twice the price of Russian gas.




All countries have modified their investment plans in order to make a profit from this war, and only countries that do not have adequate plans have been greatly affected.

Poorer countries have no bargaining power and as such other nations do not have to be cautious when dealing with them.
The actions of the world powers towards Russia since the start of the war shows how fearful they are of antagonizing the Kremlin and entering a war with them. They would call out nation's like UAE but some European countries are still struggling to cut of Russian products fully.

The world powers we're at some point empowered by the spoils of war, which have positioned them where they are today. It is a question of morality, but wars in many countries today are one way or the other enriching other countries. The world has never been United, it has always been a game of interests.

Yes, but I think another point is that this country is a oil producing country. So if America try to restrict them they will reduce their production then the situation will be more difficult. Because inflation is already a big problem the price of energy fuel has already gone up, on the other hand, banning it can make things worse and Saudi wants to use this opportunity. The war will eventually stop but the price of these hoarded resources will continue to rise. Here they are emphasizing gold reserves in a well-planned way , Saudi to become financially strong in the future.

There's nothing like the poor countries or not as long as you have your money at hand and don't have dependency on those that would serve an enemy to them, Russia is blessed with some natural resources ans has already created an international relation with some countries even right before the war and you don't know the kind of MoU they have both signed together before now, i believe if they are to conduct anything of such it has to be on a low key without the western countries knows about it, moreover UAE is endowed and blessed with oil and not mineral resources like gold.

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.

That policy has its own way of dealing the global economy and as well as the politics. That's why we're seeing that it's Russia against Ukraine physically but in global trade, it's Russia against the USA. But since it's not directly that Russia is the one that's going to be the problem as they export gold. The opposing countries can't do that much if a strong and rich country buys their goods such as gold. They're no longer in the oil buying and that's why they're expanding into other resources that they need to do like buying gold. No one will contest that as they can defend that it's for their economy's sake and there's no trade way against them and the opposing countries of Russia.

I don't think UAE will be threatened with sanctions because of this. don't you know that UAE is rich country. the rich always have the advantage for global economy. so they can bought anything to protect their country.
I read some news in 2022 about china collecting gold too, maybe it comes from russia

The United Arab Emirates is viewed by Russian officials as a replacement for Europe, as a place to emigrate in case of cataclysms.  However, it is not. 

The rulers of the United Arab Emirates are incredibly practical people.  They are ready to buy Russian gold because it is very profitable.  Gold is a huge value in the modern world (especially on the eve of the global economic crisis and recession in the economy). 

The United Arab Emirates has the opportunity to buy gold at a cheap price.  And they will take advantage of this opportunity. 

However, it would be naive to think that Russian officials will receive some preferences and protection from international sanctions as a result of such interaction.  This is not true.

Since being hit by sanctions, of course Russia must have the option to be able to sell the resources they have such as gold, oil and various other products to countries that are friendly with them to be able to support their war. even Russia offers the resources they have at a discount to several countries that are considered close to them, because they need money now to be able to support their economy so that it does not collapse amid American and western sanctions.

here the UAE as a country needs gold to be able to maintain the stability of their currency and economy and Russia has managed to offer gold at a lower price compared to the market (about 1%) and fast delivery directly to their country. That is why the UAE is interested in working with Russia. but even so, it seems that the UAE will be threatened with sanctions because of this cooperation, but the UAE does not seem to care about this.

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.

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?