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 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....
Related News
Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures. Recycled Gold vs Non-Recycled Gold According to a new report that outlines the extent of the problem, such price discrepancies (which seem to be more prevalent in Southern Africa) stem from South Africa’s gold tax policies. Explaining how South....
The central bank in crisis-stricken Sudan has warned residents dealing with cryptocurrencies that they face numerous risks including loss of value. The warning comes as Sudan is grappling with an economic crisis that worsened after the civilian government was deposed by the military.
Sudan’s Worsening Economic Crisis
As Sudan’s currency continues to plummet, the country’s central bank has warned citizens against using or trading cryptocurrencies, a report has said. It warned those dealing with crypto assets that they face risks such as loss of value,....
The London Bullion Market Association (LBMA) said it wants six accredited Russian gold refiners to clarify if they have commercial ties with sanctioned Russian entities. The association’s request comes a few days after it revoked the membership of three sanctioned Russian banks.
LBMA Accreditation
The London Bullion Market Association (LBMA) has requested six Russian gold refiners on its good delivery list clarify if they have commercial ties to sanctioned entities. If such links exist, this will likely affect the refiners’ accreditation status with the LBMA, a....
Crypto seems to be nearly as popular as gold among Russian investors. Cryptocurrency investment is one of the most popular investment tools in Russia, according to a new report.The World Gold Council, a major market development organization for the gold industry, released a report on retail gold insights in Russia on Oct. 20.According to the report, cryptocurrency is currently the fifth-most popular investment tool in Russia after savings accounts, foreign currencies, real estate and life insurance. As part of the World Gold Council's rankings of Russian investments made in the past 12....
At the end of 2020, darknet markets (DNM) set new records as marketplaces like White House and the Russian-language DNM Hydra led the pack. A report published on May 25, shows Hydra saw a 624% year-over-year growth rate in three years, and researchers estimate roughly 75% of illicit DNM transactions stem from the Russian marketplace. Moreover, the privacy coin monero is seeing a lot more vendor acceptance on DNMs these days. On June 29, monero captured 84% of vendor acceptance on three of the top marketplaces. The Complex Russian Darknet Market Hydra Eclipses 26 Marketplaces While....