Armenia, a formidable transit country for the clandestine gold trade
Despite the sanctions, Russia manages to sell its gold abroad, enough to generate a financial flow in dollars much sought after by this country financially isolated from most of the world. To carry out these exports, Russia benefits from the support of one country in particular: Armenia. Indeed, since 2022, Armenian companies have imported large quantities of Russian gold, which are then re-exported to the United Arab Emiratesreveal the media The Insider et Hetq. According to the two journalists, if the Russians chose Armenia as a transit country, it is because, thanks to the Eurasian Economic Union, there is no customs border (and therefore customs duties) between both countries, which facilitates importation into Armenia. When it comes to exports, things are also easy in Armenia since this country does not impose customs duties on the export of gold.
Despite American sanctions prohibiting any commercial operation with Russian gold, Armenian customs statistics show that this country imported 111 tonnes between January 2023 and March 2024, for a value of 6.2 billion dollars. This quantity is exceptional in a country where the GDP does not exceed 19.5 billion dollars.
Armenia also imports huge quantities of dollar notes, destined for Russia
If, even so, one could imagine that Armenians would have suddenly developed an appetite for gold and would have started to buy it massively, even Armenian customs statistics undermine this far-fetched hypothesis. It says that in 2023, around 59 tonnes of gold were exported mainly to the United Arab Emirates. Smaller volumes were also sent to China and Hong Kong. And to get paid, Russia also uses dubious methods: these same Armenian customs statistics show thatin 2022, Armenia recorded the import of $1.45 billion in cash and bonds from the United Arab Emirates, an abnormally high volume.
The journalists of The Insider et Hetq were also able to identify the Armenian companies which purchased and re-exported this gold. Some of them had been set up by oligarchs or influential politicians, and the majority of these companies had no other activities. The activity of these companies has also declined sharply and has even stopped for some since May 2024, a trend also highlighted by customs statistics.
