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Russia becomes UAE’s top gold supplier as Ukraine sanctions bite

The United Arab Emirates bought 96.4 tons of gold from Russia in 2022, making it Moscow's top gold importer.
Gold bar wrapped in a financial newspaper.

DUBAI — Russia became the United Arab Emirates' leading source of gold in 2022, overtaking previous major suppliers including Mali, Zimbabwe and Ghana, amid sanctions on Moscow over its invasion of Ukraine. 

After Western nations led economic sanctions imposed on Russia for the invasion in February 2022, the UAE stepped in to absorb some of the nation’s available supply. 

The UAE imported 96.4 tons of gold from Russia last year, more than any other country, Bloomberg reported on Wednesday, citing United Nations Comtrade data. 

This figure represents roughly one-third of Russia’s annual mine production and more than 15 times the UAE’s imports from the country compared to the year before. Falling behind Russia as a top supplier is Mali, which shipped 95.7 tons of gold to the UAE last year, followed by a number of other African countries. 

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