Russia's wartime economy — hit by Western sanctions, soaring inflation, and deep labor shortages — is increasingly being propped up by one of the world's oldest safe-haven assets: gold.
And according to The Telegraph, forces aligned with Russian President Vladimir Putin are accused of murdering and torturing Africans as Moscow tightens its grip on gold mines across the continent.
For nearly two decades, the Kremlin has aggressively stockpiled gold, making it a central pillar — alongside oil — of Russia's financial foundation.
But since the invasion of Ukraine and the resulting sanctions, Russia has escalated its hunt for new gold supplies abroad. According to The Telegraph, that effort includes deployments of Kremlin-backed mercenary groups who have taken over mining operations in unstable African nations.
Successors to the Wagner Group now dominate the lucrative Ndassima gold mine in the Central African Republic (CAR), a site with an estimated $1 billion in deposits. Locals accuse the Russian mercenaries of expanding control through brutality.
Two months ago, Russian fighters allegedly shot and killed 10 local prospectors near the mine. Two weeks later, they reportedly abducted another 10 miners, locking them in metal containers under searing heat for days. At least one captive is said to have died.
Such violence is not new. Reports of killings, torture, and forced disappearances have circulated since Wagner gained control of Ndassima in 2021.
Russia's gold push extends far beyond CAR.
In Burkina Faso, Russia-based Nordgold recently received a major license to develop the Niou deposit, supplementing two mines it already operates. And in Mali, a Kremlin-aligned junta partnered with Russia's Yadran Group to begin constructing a massive 200-ton gold refinery expected to serve as a regional processing hub.
Gold offers Russia unique advantages. It is easy to smuggle, melt down, and obscure within global markets — making it a potent tool for bypassing Western sanctions.
Analysts say its importance has only grown since the U.S. imposed new restrictions on major Russian oil exporters last month.
"Gold has never been more critical to Russia," John Kennedy of RAND Europe told The Telegraph, noting that Moscow has increasingly relied on the metal to stabilize its budget and access foreign markets.
Between 2006 and 2020, Russia added more gold to its state reserves than any nation on earth, and by 2022 it held the world's fifth-largest reserve — though experts caution that official numbers lack transparency.
Reports from RAND Europe and the Center for Advanced Defense Studies indicate Russia has used gold for state-to-state payments, weapons purchases, and covert deals. One investigation alleged Moscow paid Iran at least $104 million in gold bars for assistance building drone-production capabilities — claims Tehran denies.
Gold is also believed to have helped facilitate weapons transfers from North Korea, which also denies the accusations.
Much of Africa-sourced gold entering global markets is laundered through third countries, particularly the United Arab Emirates. Transparency International Russia estimates at least $2.5 billion in African gold has been funneled to Russia since 2022, often disguised as UAE-origin metal.
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