Russian Gold May Boost Trade Between Armenia and the UAE
Trade between Armenia and the United Arab Emirates (UAE) increased more than fivefold during January-October 2024, reaching nearly $5 billion. Armenia has become a key route for exporting Russian gold and diamonds to global markets.
Approximately 98% of goods exported to the UAE are not of Armenian origin. According to Armenia’s Statistical Committee, the import and export volumes of gold, diamonds, and various jewelry increased more than fivefold during the January-October 2024 period, reaching $6.8 billion and $7.4 billion, respectively.
Russian exports to Armenia grew by $5.6 billion during the same period, totaling nearly $8.3 billion.
In the first half of 2024, Armenia imported approximately 66 tons of gold worth $4.4 billion, with nearly all of it sourced from Russia. The primary reason for organizing re-exports through Armenia is the sanctions imposed after Russia’s 2022 invasion of Ukraine.
During the same period, Armenia exported nearly the same quantity of gold. About 60% of this gold was directed to the UAE, while the remainder was primarily exported to China. This explains the nearly threefold increase in exports from Armenia to China during January-October 2024, which totaled almost $1 billion.