Russia is the main supplier of gold to the UAE

This was recently reported by the Bloomberg agency. This happened as a result of sanctions imposed against Russia by Western countries after the start of the military conflict between Russia and Ukraine. The UAE reportedly imported 96.4 tons of gold from Russia last 2022, more than any other country in the world. This is equivalent to about one-third of Russia's annual gold production and represents a more than 15-fold increase in gold imports from Russia to the UAE compared to the previous year, the report said. Other major suppliers of gold to the UAE last year were Mali and Ghana, which supplied the Emirates with 95.7 tons and 81 tons of the yellow precious metal respectively. Switzerland was reportedly the most important destination for Arab gold exports at 145 tons.