Reports

Russian Banks May Be Engaging in Cash-For-Gold Scheme to Obtain Foreign Currency

01/30/24 2 minute read

Download the report:


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.

Related Resources

All Resources
Understanding & Identifying Chinese State Ownership and Investment Vehicles
06/10/24
Reports
2 minute read
Understanding the Chinese government’s pervasive influence over the country’s domestic and international companies is crucial to...
Read More
Anton Oilfield Services: A Case Study in Assessing Supply Chains for Forced Labor Risk
05/28/24
Reports
2 minute read
Traditional supply chain analysis and mapping techniques such as vendor questionnaires and audits can fall short of providing Western...
Read More
EV Batteries and Forced Labor: Investigating Possible Links Between CATL and Xinjiang-Based Companies
05/16/24
Reports
2 minute read
Contemporary Amperex Technology (CATL), the world’s largest EV battery maker, was slated to play a key role in the expansion of the United...
Read More