Following its invasion of Ukraine, Russia has been blocked from accessing Western currency through sanctions. Finding willing markets for its gold — typically Russia’s second most valuable export after energy and sixth largest exporter of gold globally — facilitates bulk payments of U.S. dollars and euros outside the traditional global banking system from which some Russian financial institutions are banned.
The Sayari Analyst Team conducted research using trade data to demonstrate how Russia has navigated restrictions by operating a potential cash-for-gold trade scheme. The report focuses on the role that two Russian banks played in this scheme.
As gold remains one of Russia’s most valuable exports, the identification of a typology and pattern can facilitate the easier recognition of further attempts to circumvent sanctions and regulations against the Russian economy. Download this report to learn through our methodology how you can use global trade data and corporate records to piece together a more complete picture of sanctions evasion.