Going for Gold: Russia, sanctions and illicit gold trade

By Marcena Hunter

The Global Initiative against Transnational Organized Crime published a policy brief about possibilities on sanctions against Russia’s illicit gold trade. As gold finds itself increasingly cut off from foreign currency and financial systems, illicit gold markets and gold laundering are one way Moscow (and other sanctioned actors) could seek to generate profits and move finances across borders. The wheels of the global illicit gold market are well oiled and offer a variety of economic options to an increasingly beleaguered Moscow, along with other sanctioned actors.2 It is therefore critical to understand the potential for using criminal networks to move and launder gold to evade sanctions. Developing targeted responses to tackle abuse of gold markets will not only be critical to maximize the effectiveness of responses, but also to minimize unintended harms.

Geneva: Global Initiative Against Transnational Organized Crime, 2022. 23p,