Stop Doing
Business with Russia
Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exit Completed
Some Dubai merchants appear to have little specialized experience in precious metals. Actava Trading DMCC, which imported about $25 million of Russian gold in August, describes itself as a crop trader focused on the Black Sea region.
Identified by YouControl as one of TOP companies with foreign shareholders which have been registered in Russia after the invasion to Ukraine was started.
According to documents cited by the Financial Times, between August 2022 and January 2023, this company imported $44 million worth of Russian gold to the United Arab Emirates (UAE) in six batches. Open Mineral Ltd, registered in Abu Dhabi a year ago and fully owned by Open Mineral AG with headquarters in Zug (Switzerland). According to documents cited by the Financial Times, between August 2022 and January 2023, this company imported $44 million worth of Russian gold to the United Arab Emirates (UAE) in six batches.
The UAE has become the main new destination for Russian gold. Paloma Precious DMCC, a trader with offices in the Dubai Free Zone and the gold market, imported $109 million, the data showed.