French La Gazette du Caucase exposes Armenian gold trade as sanction-busting scheme

Armenian companies have been helping Russia bypass Western sanctions on gold, says La Gazette du Caucase, a French online newspaper, Olaylar reports.

This article quotes an investigation by the Armenian online newspaper Hetq and the Russian-language independent media outlet The Insider. According to these reports, since 2022, billions of dollarschr("39") worth of Russian gold have been shipped to Armenia, primarily because Armenia does not charge export duties and transactions via private individuals help evade sanctions.

The flow of Russian gold has shifted eastward over the past two years. Prior to the war, much of the gold was exported to the United Kingdom, but since 2022, the main recipients have included the United Arab Emirates, Hong Kong, and Türkiye. However, in April 2023, these flows stopped, and no Russian gold has been exported outside the Eurasian Economic Union (EAEU) since then.

Armenia has become a key intermediary in the gold trade. According to the Armenian Customs Service, the country significantly increased its gold imports in 2023, reaching $4.4 billion in the first half of 2024. During the same period, Armenia exported $4.1 billion worth of gold. As stated in the report, 64% of this gold went to the United Arab Emirates, with the rest sent to Hong Kong and China.

Notably, companies linked to Armenian politicians and businessmen with ties to Russia have been involved in importing and re-exporting Russian gold. Among the largest importers of Russian gold in Armenia in 2024 are businesses affiliated with Khachatur Sukiasyan, a member of Armeniachr("39")s ruling Civil Contract party, and other figures such as Armen Tadevosyan, the owner of Tibi Arm LLC. These companies imported millions of dollarschr("39") worth of gold from Russian banks between January and May 2024.

The report also highlights that Armenia has become a hub for not just gold but also diamonds, with Armenian companies facilitating the export of both goods with the approval of the Armenian Ministry of Economy.

In conclusion, the article raises questions about the stance of countries like France, which imposes sanctions on Russia while continuing to support Armenia. This investigation, led by an Armenian outlet, may signal the end of the immunity enjoyed by those involved in facilitating the trade of sanctioned Russian goods.