Report: Sudan Rejects Russian Illicit Gold Smuggling Allegations
Sudan has denied claims Russian entities have smuggled hundreds of tonnes of illicit gold from its territory. Officials have called the allegations fake news and suggested that Sudan is in fact looking to revive its econ...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Sudan has denied claims Russian entities have smuggled hundreds of tonnes of illicit gold from its territory. Officials have called the allegations fake news and suggested that Sudan is in fact looking to revive its economy through gold mining.
The Rise in Russia’s Gold Holdings
The Sudanese Ambassador to Russia Onor Ahmed Onor recently dismissed claims entities from the latter country have smuggled “hundreds of tonnes of illicit gold” from his country’s territory for years. In pushing back against the allegations, Onor called the report published by the British Telegraph newspaper “fake news” and added the story had been “created from the imagination” of the story’s writer.
In its report, the Telegraph newspaper said Russia, which is the world’s third-largest producer of gold, had overseen the more than 300% growth in the amount of gold held at the country’s central bank since 2010. The report alleges that most of the gold was sourced from Africa with Sudan being at the center of the smuggling. The gold holdings, according to the report, would be used to shield the Russian currency from the effects of Western sanctions against Moscow.
The report cites an unnamed executive of one of Sudan’s largest gold companies who alleges that the precious metal is smuggled via “small planes from military airports dotted across the country to Russia.”
Meanwhile, Onor’s rejection of the smuggling claims followed reports that Sudan’s military government is in fact planning to use the country’s 50-per-tonne-year gold mining industry to avert a possible collapse of the economy. As reported by VOA, the Sudan military government’s second in command, General Mohamed Hamdan Dagalo, recently met with gold miners who pledged to deliver the precious metal to the central bank.
The report also said Dagalo, who is also known as Hemeti, had talked about how illegal gold buyers — 40 of whom had been arrested — are not the problem. Instead, the military ruler points a finger at the unknown parties that sell the precious metal to smugglers. He added: “We will find out.” However, as noted in the report, Hemeti did not give details with respect to the nationalities that had been arrested for illicit gold transactions.
Although the Sudanese government officials have rejected the Russian gold smuggling claims, VOA reported that Hemeti had visited Moscow prior to the start of the hostilities in Ukraine. During the visit, it was reported the military ruler had discussed increasing cooperation between Sudan and Russia.
What are your thoughts on this story? Tell us what you think in the comments section below.
Why this matters
This research story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
UK sanctions crypto platforms suspected of supporting Russian financial networks
The UK sanctioned Cryptomus, Heleket and TokenSpot in a Russia sanctions package, with TRM Labs identifying links to Grinex and Ga...
Russia’s Sberbank Given Green Light to Custody Bitcoin
Bitcoin Magazine Russia’s Sberbank Given Green Light to Custody Bitcoin Russia’s largest bank has announced it is the first in the...
Greece Plans Crypto Capital Gains Tax: Report
Bitcoin Magazine Greece Plans Crypto Capital Gains Tax: Report Greece is planning a law to tax crypto investors’ capital gains at...
James Van Straten: BTC Bull Market Has Begun – Rotation from Gold Driver Back to $126K
Bitcoin Magazine James Van Straten: BTC Bull Market Has Begun – Rotation from Gold Driver Back to $126K Where will the money for B...
Circle reports $14 trillion-plus in USDC activity as volume grows 151%
USDC's massive transaction volume highlights stablecoins' growing role in digital finance, but revenue reliance on interest rates...
Wells Fargo Reportedly Talking With Kraken Parent Payward to Source Crypto Trading Liquidity
Wells Fargo is in discussions with Payward, the company that operates the Kraken exchange, about a deal that would have Payward su...