Movement of Russian Gold

In partnership with the Department of State, ISN/CTR, NU Borders produced analytical assessments focused on identifying movement of potentially illicit dual-use goods and sanctioned entities conducting business with Russia. In this analysis, NU BORDERS analyzed Russian Import and Export trade manifest data utilizing the Harmonized Tariff Schedule to identify transactions involving the movement of Gold.

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Countries importing gold from Russia included the United Kingdom (UK), the United Arab Emirates, Switzerland, Turkey and Moldova. In addition to these transactions, Cuba was identified as exporting gold to Russia (aggregate value of 6.3 million USD). The top shippers were identified as TBSS, GAZPROM BANK, VTB BANK and SOVCOMBANK (the latter two banks were sanctioned by OFAC in response to Russian aggression in Ukraine). The top consignees identified during the time frame were LOOMIS INTERNATIONAL LTD (UK), IBI INTERNATIONAL LOGISTICS LIMITED (UK), BRINKS (Switzerland) and IBC STANDARD BANK PLC, a Chinese bank.