According to Russian customs records, over 100 non-Russian entities have handled Russian gold since Western markets imposed sanctions in early 2022. A handful of these shipments made it to Western destinations before the restrictions went into effect. U.S. bank JPMorgan received $4.5 million in gold in March and April 2022, while Swedish security firm Loomis received $5.9 million in gold in March, May, and June 2022. Both of these companies hold precious metal vaults in London.
The records identify the United Arab Emirates as the primary destination for gold exports. Temis Luxury Middle East, a regional subsidiary of French Temis Luxury, imported $863 million of Russian gold between February 2022 and March 2023. 21 other non-Russian companies imported over a ton of Russian gold to the UAE over the same time period. Almost all Russian gold exports to Hong Kong and China were brokered by Vpower Finance Security Hong Kong Ltd. The Chinese logistics company brought in $1.2 billion of Russian gold between May 2022 and March 2023. Eight Turkish companies shipped over one ton of Russian gold since March 2023. Vpower Finance Security and Transguard are both members of the London Bullion Market Association and therefore must comply with U.S., UK, and EU sanctions against Russia.