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How Putin prepared for sanctions with tonnes of African gold
By Tom Collins
The Telegraph, London
Thursday, March 3, 2022
Russia has smuggled hundreds of tonnes of illicit gold from Sudan over the last few years as part of wider efforts to build "fortress Russia" and ward against anticipated Ukraine-related sanctions.
The Kremlin has more than quadrupled the amount of gold held in Russia’s central bank since 2010, creating a "war chest" through a mix of foreign imports and vast domestic gold reserves as the third largest producer of the precious metal in the world.
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Russia held more gold than U.S. dollars for the first time in June 2020 with bullion accounting for more than 23% of the total reserves, which rose to $630 billon as of last month.
While official statistics suggest that Sudan exports hardly any gold to Russia, an executive of one of the largest Sudanese gold companies told The Telegraph that the Kremlin is the largest foreign player in the country's huge mining sector.
"Russia has a lot of operations in Sudanese gold and a lot of it is smuggled to Russia in small planes from military airports dotted across the country," he said, speaking on condition of anonymity.
He believes that around 30 tonnes are flown to Russia each year from Sudan, though it is impossible to gauge the true scale of the operation. ...
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