Russia’s invasion of Ukraine in February 2022 brought international condemnation, including multilateral efforts to restrict Russia’s access to foreign currency and goods with a military end use. In 2024, Sayari analysts documented how Russia was likely bypassing these restrictions by exchanging gold for bulk cash through countries including the UAE and Turkey.
Now, three years following the invasion, there is evidence that Russia’s sanctions evasion schemes have evolved beyond cash-for-gold to include the transshipment of other precious metals, direct purchase of foreign currency, and apparent registration of banks in permissive jurisdictions, such as Brazil.
While the future of Russian sanctions under the new Trump administration is uncertain, they may remain a priority for the European Union, United Kingdom, and others. This new research demonstrates how corporate and trade data available in Sayari Graph can be used to identify and disrupt networks that continue to enable Russia’s war effort despite international restrictions.
