![\"\"](\"https:\/\/ksokolovarchive.cc\/wp-content\/uploads\/2026\/03\/image-23-1.png?w=630\")
<\/figure>\n\n\n\nGold flows from West to East<\/h3>\n\n\n\n
Gold was one of the first Russian export commodities to fall under an embargo following Moscow\u2019s full-scale invasion of Ukraine in February 2022. In June 2022, the U.S. banned<\/a> the purchase of the precious metal from Russia, calling it the \u201ccountry\u2019s biggest non-energy export.\u201d<\/p>\n\n\n\n Officially, this embargo only applies to imports into the United States. However, if a third country purchases gold linked to Russia, it becomes ineligible for sale in the U.S., effectively barring banks from using it for investment or trading. This means that, unlike restrictions on most other imports, the American embargo on \u201cbank gold\u201d effectively has global implications.<\/p>\n\n\n\n\n\n\n\n After the start of the full-scale war, the flow of Russian gold shifted eastwards \u2014 from the U.K to the UAE, Hong Kong, and Turkey. However, by April 2023, even these flows had ceased completely. Since then, no Russian gold has been exported outside the Eurasian Economic Union (EAEU). Around the same time, Armenia emerged as a major gold exporter, according to reports by Hetq<\/em><\/a>. A joint investigation by The Insider<\/em> and Hetq<\/em> has found that nearly all of this gold was sourced from Russia.<\/p>\n\n\n\n According to Russian customs data obtained by The Insider<\/em> and Hetq<\/em>, between 2022 and 2024 Armenia purchased 89 tons of gold from Russia valued at approximately $5.2 billion. Armenian Customs Service data reviewed by Hetq<\/em>, however, indicates that 111 tons of Russian gold worth $6.2 billion were imported into Armenia from 2023 through the first half of 2024.<\/p>\n\n\n\n For context, Armenia’s total imports in 2022 \u2014 of all products, not just one precious metal \u2014 amounted to $11 billion, while its GDP was $19.5 billion.<\/p>\n\n\n\n The discrepancies between Russian and Armenian customs data may be due to timing differences in the reporting of transactions between the two countries.<\/p>\n\n\n\n Who imports Russian gold: Armenian politicians and Russia-linked businessmen<\/strong><\/p>\n\n\n\n Investigations by The Insider<\/em> and Hetq <\/em>reveal that some of the largest importers of Russian gold to Armenia in 2024 \u2014 those handling over $50 million worth of the metal \u2014 are connected to influential Armenian politicians, oligarchs, and businesses with ties to Russia. Notably, the Yerevan Jewelry Factory, the third-largest importer of Russian gold into Armenia, has links to the family of Khachatur Sukiasyan, a member of parliament from the ruling Civil Contract Party.<\/p>\n\n\n\n The Yerevan Jewelry Factory was officially opened in 2022 in a new building at the \u201cYerevan\u201d market. It is linked to the Sukiasyan and Avagyan families, with the latter having been involved in the jewelry business in Russia. Hetq<\/em> discovered that the company was re-exporting large batches of jewelry of Russian origin and labeling them as Armenian. It appears that the factory served as a channel for \u201claundering\u201d Russian jewelry products, sourcing gold from about 30 Russian companies.<\/p>\n\n\n\n In 2022 and 2023, following the imposition of sanctions, recipients of Russian gold included not only jewelry factories and LLCs suspected of being shell companies, but also banks such as Araratbank and Converse Bank. By 2024, however, Armenian bankers had begun avoiding these risky transactions.<\/p>\n\n\n\n Following the release of this article, Converse Bank reached out to the editorial teams at The Insider<\/em> and Hetq<\/em>, providing the following comment:<\/p>\n\n\n\n \u201cConverse Bank has consistently adhered to the sanctions policies of the UN, U.S., EU, and UK since their implementation.<\/em><\/p>\n<\/blockquote>\n\n\n\n Since 2017, the bank has regularly imported only gold bullion bars (weighing from 5g to 1,000g) into Armenia \u2014 not bank-grade gold, which typically weighs 11 to 13.3kg. These gold bars were imported solely for sale within the Armenian market, which is standard banking practice.<\/em><\/p>\n<\/blockquote>\n\n\n\n Since 2022, the volume of gold bullion transactions has significantly decreased. Converse Bank has never been engaged, directly or indirectly, in the export or re-export of precious metals.<\/em><\/p>\n<\/blockquote>\n\n\n\n It is important to note that primary sanctions only apply to entities importing Russian gold into the U.S., UK, or EU. Secondary sanctions were introduced later \u2014 in the U.S. in December 2023 and in the EU in 2024. Therefore, Converse Bank has not conducted any transactions since the introduction of these sanctions.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n Russian customs data confirms that Converse Bank imported Russian gold in 2022 and 2023. In 2022, the bank brought 356,474 grams of gold into Armenia, valued at 662.2 million rubles. The following year, imports totaled 121,996 grams, with a reported value of 795.5 million rubles. As of 2024, no gold imports by the bank are recorded in the customs database.<\/p>\n\n\n\n The infographic below highlights the largest importers of Russian gold into Armenia in 2024. Each of them brought in more than $50 million worth of the precious metal.<\/p>\n\n\n\n Hetq <\/em>contacted several companies involved in the Armenian gold trade. Conversations with their representatives revealed a general reluctance to discuss issues such as the gold trade, sanctions risks, and cooperation with Russia and the West.<\/p>\n\n\n\n For example, a person who identified himself as the director of TB Arm, the largest gold importer and exporter in Armenia, said on behalf of co-owner Armen Tadevosyan that the company would not comment on its operations.<\/p>\n\n\n\n Anahit Chitchyan, owner of Diamond Standard, the country’s second-largest gold importer, insisted that her company had operated strictly within the law from 2022 to 2024, complying with its licenses and being fully transparent in its reporting. However, she declined to provide further details, noting only that Diamond Standard has been inactive for the past six months.<\/p>\n\n\n\n Win-Gold director Zohrab Toroyan also pointed to inactivity, telling Hetq <\/em>that the company has not operated for close to three months. He added that Win-Gold and GG-Group, owned by Gor Sharyan and registered in the town of Abovyan in Armenia\u2019s Kotayk Province, have been exporting unprocessed gold.<\/p>\n\n\n\n It can be assumed that the sizable Russian gold imports could be used to make jewelry \u2014 but this seems unlikely given the numbers. In 2020, Armenia’s jewelry exports amounted to $26 million. In 2021, they grew to $75 million, and the upward trend continued \u2014 to $109 million in 2022 and $499 million in 2023. Obviously, Armenia’s jewelry industry experienced remarkable growth in the early 2020s, increasing 1.5 to 2-fold annually. However, it seems highly implausible to suggest that it would then grow nearly 100-fold between 2022 and 2024 (assuming that gold imports in 2024 were intended exclusively for the jewelry sector).<\/p>\n\n\n\n Imported gold does not stay in Armenia \u2014 neither in the form of jewelry nor in the country\u2019s banks. It is exported. According to State Revenue Committee (SRC) data obtained by Hetq<\/em>, gold was shipped mainly to the United Arab Emirates in 2023. Moreover, Armenian customs data shows a record volume of gold exports in the first half of 2024 \u2014 close to 59 tons, valued at $4.1 billion. Apart from the UAE, smaller quantities were exported to Hong Kong and China.<\/p>\n\n\n\n The SRC identified Diamond Standard, Golden Line, Win-Gold, Bagario Gold, and TB Arm as the main companies exporting gold in 2023-2024. This means that some exporters are also importing gold.<\/p>\n\n\n\nA stream of gold rivaling Armenia\u2019s GDP<\/strong><\/h3>\n\n\n\n
\n
\n
\n
\n
Imported gold doesn’t stay in Armenia<\/strong><\/h3>\n\n\n\n