Sanctions on companies in Hong Kong and the UAE
The Treasury said the scheme used Holden International Trading Limited, based in Hong Kong, and Taube Precious HK Limited, to direct payments, and Red Coast Metals Trading DMCC, based in the United Arab Emirates. United to obscure payments from the sale of gold of Russian origin.
In addition, the scheme included the Hong Kong-based company, VPower Finance Security, to transport gold of Russian origin, she added.
Russia is the second largest gold producer in the world after China. It produced 321.8 metric tons in 2023, or 8.8% of global production from mines, according to consulting firm Metals Focus.
Moscow stopped disclosing its export and import data in detail shortly after its all-out invasion of Ukraine in 2022, but part of its supplies are still visible through data from countries that buy Russian products.
According to data provider Trade Data Monitor (TDM), Hong Kong was the largest importer of gold from Russia as of 2023. The data does not track the UAE's gold imports from Russia.
