{"id":8348,"date":"2023-11-08T14:12:00","date_gmt":"2023-11-08T14:12:00","guid":{"rendered":"https:\/\/wp26.cmswebdeveloper.com\/asian-news\/russias-great-big-gold-plot-to-evade-sanctions\/"},"modified":"2023-11-08T14:12:00","modified_gmt":"2023-11-08T14:12:00","slug":"russias-great-big-gold-plot-to-evade-sanctions","status":"publish","type":"post","link":"https:\/\/wp26.cmswebdeveloper.com\/asian-news\/russias-great-big-gold-plot-to-evade-sanctions\/","title":{"rendered":"Russia&#8217;s great big gold plot to evade sanctions"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.asianexpress.co.uk\/wp-content\/uploads\/2023\/11\/gold_bars_pexels-zlatakycz-8442322_23-jpg.webp\" alt=\"\" class=\"wp-image-48691\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The National Crime Agency has issued an alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gold is a significant income stream for Russia\u2019s war effort \u2013 one of the highest by value after oil and gas, and worth \u00a312.6 billion to the Russian economy in 2021. Today the FCDO has sanctioned a number of individuals and entities operating in and supporting Russia\u2019s gold sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given the importance of the UK to the gold market, the NCA is warning of deliberate attempts being made to launder sanctioned gold to mask its origin so that it can be hidden in supply chains and sold in the UK and around the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gold exported from Russia since 21 July 2022 is increasingly being shipped to countries that do not apply sanctions on Russian gold. Once melted down and recast or refined, the origin of gold cannot be determined by examination, as any hallmarks are lost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Imports of mined gold can also be easily disguised. By masking the origin, new Russian gold can then be sold on to another country who may be unaware of the true origin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Adrian Searle, Director of the National Economic Crime Centre at the NCA said: \u201cSanctions evaders undermine UK national security, working against our foreign policy objectives which promote international peace and security, and the rule of law. With the robust implementation of controls by the UK financial sector and our international partners, to identify and disrupt sanctions evasion, we have seen consequent attempts to use gold to circumvent the sanctions regime.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cLondon\u2019s precious metals market sets the global standard for the quality of gold. The sector plays a key role in supervising the trade and improving record keeping to boost the integrity of the supply chain. This alert will aid efforts, in partnership with the regulated sector, including the banks and high value dealers, to ensure that sanctioned individuals or those who represent them cannot use gold to circumvent UK sanctions.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The London Bullion Market Association (LBMA) accredits gold refineries around the world. It sets the standards for what constitutes \u2018London Good Delivery\u2019 (LGD) gold which has become the \u201cde facto\u201d global standard. LBMA accredited refineries account for 85-92% of annual global mined gold production.<\/p>\n\n\n\n<p class=\"has-white-color has-black-background-color has-text-color has-background wp-block-paragraph\">The alert has been issued to the regulated sector, including banks, high value dealers and lawyers, and is available on the NCA website <a href=\"https:\/\/www.nationalcrimeagency.gov.uk\/who-we-are\/publications\/679-necc-red-alert-gold-sanctions-circumvention\/file\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Crime Agency has issued an alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime. Gold is a significant income stream for Russia\u2019s war effort \u2013 one of the highest by value after oil [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[74],"tags":[2674,2675,2676,78,81,65,82,147,451,2677,86],"class_list":["post-8348","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-crime","tag-gold","tag-gold-sanctions","tag-lancashire","tag-manchester","tag-midlands","tag-national","tag-nca","tag-russia","tag-russia-gold","tag-yorkshire"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Russia&#039;s great big gold plot to evade sanctions - Asian News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wp26.cmswebdeveloper.com\/asian-news\/russias-great-big-gold-plot-to-evade-sanctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia&#039;s great big gold plot to evade sanctions - Asian News\" \/>\n<meta property=\"og:description\" content=\"The National Crime Agency has issued an alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime. Gold is a significant income stream for Russia\u2019s war effort \u2013 one of the highest by value after oil [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wp26.cmswebdeveloper.com\/asian-news\/russias-great-big-gold-plot-to-evade-sanctions\/\" \/>\n<meta property=\"og:site_name\" content=\"Asian News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-08T14:12:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wp26.cmswebdeveloper.com\/asian-news\/wp-content\/uploads\/2026\/07\/gold_bars_pexels-zlatakycz-8442322_23-jpg.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Andleeb Hanif\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andleeb Hanif\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/\"},\"author\":{\"name\":\"Andleeb Hanif\",\"@id\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/#\\\/schema\\\/person\\\/2149f0ecde4738e00de4b0c33908acb0\"},\"headline\":\"Russia&#8217;s great big gold plot to evade sanctions\",\"datePublished\":\"2023-11-08T14:12:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/\"},\"wordCount\":420,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/gold_bars_pexels-zlatakycz-8442322_23-jpg.webp\",\"keywords\":[\"crime\",\"gold\",\"gold sanctions\",\"Lancashire\",\"Manchester\",\"Midlands\",\"National\",\"NCA\",\"Russia\",\"russia gold\",\"yorkshire\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/\",\"url\":\"https:\\\/\\\/wp26.cmswebdeveloper.com\\\/asian-news\\\/russias-great-big-gold-plot-to-evade-sanctions\\\/\",\"name\":\"Russia's great big gold plot to evade sanctions - 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