How Russian Banks May Be Using Cash-for-Gold Schemes to Evade Sanctions

01/05/24 2 minute read

Economic sanctions and export controls implemented by the G-7, European Union, and others following the Russian invasion of Ukraine have sought to inflict damage on the Russian economy, punish politically connected elites, and degrade Moscow’s ability to wage war. But Russia continues to find ways to evade these measures.

Using complex, cross-border networks of shell and front companies, and leveraging the services of a shadow fleet of tankers and brokers, Russia has been obtaining restricted dual-use technology and selling its oil above the G7-imposed price cap. And oligarchs continue to rely on financial facilitators and secrecy jurisdictions to move money undetected.

Watch this webinar, originally aired on January 31st at 11:00 am EST for the latest in our series of Masterclasses as we discuss how governments and enforcement authorities can leverage global trade and corporate data to identify emerging trends in sanctions evasion.

We will discuss:

  • Why a basic understanding of the Russian economy is critical to identify emerging typologies to evade sanctions
  • How Russian gold exports have responded to import restrictions put in place by the G-7
  • Case studies demonstrating how Russian banks may be using gold exports to bypass U.S. and EU currency export restrictions and obtain USD and euro banknotes
  • What a data-centric and pattern-based approach to analyzing gold exports can tell us about other emerging sanctions evasion typologies

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