According to Russian customs records, the UAE has become an important trade hub for Russian gold since Western sanctions over Ukraine disrupted Russia’s more conventional export channels.

The documents, which track almost a thousand gold transfers between February 24, 2022 and March 3, this year, disclose the identities of more than 100 non-Russian firms that have handled Russian gold since Western markets barred imports from Moscow.

The shipments in the records, supplied to Reuters by a commercial provider, may not cover all exports in the period.

In many cases, the records show only shippers or traders involved in the transaction, not the end buyer, which could be a refiner, jeweller or investor.