cross-posted from: https://mander.xyz/post/46105346

Gold has become Russia’s most lucrative and strategically vital metal. One of the world’s largest producers, Russia holds stakes across the former Soviet Union and Africa. Cut off from the global financial system, gold is easy to melt, launder, and move through black markets, evading sanctions.

“Right now, Moscow is using gold to prop up its wartime economy and bolster access to crucial goods, while holding considerable influence over the production of gold in Central Asia and Africa,” says John Kennedy, Research leader in RAND Europe’s Defense and Security.

In the lead-up to Russia’s full-scale invasion of Ukraine, Moscow moved the National Wealth Fund into 60% yuan and 40% gold—a clear hedge against expected Western economic pressure. Today, Russia is “using physical gold in state-to-state payments, and Russian businesses are involved in gold-for-goods, gold-for-weapons and gold-for-cash exchanges”, RAND reported.

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Russia’s official figures are unreliable, as are several aspects of its government reports, including spending and military losses. Therefore, investigations conducted by independent global think tanks are vital, providing evidence-based insight into lucrative government operations.

In the RAND “Gold Rush: how Russia is using gold in wartime” report, they make clear that the Russian state is deeply involved in, or actively encourages, shadowy gold operations—from controlling mining ventures to smuggling and using gold in a range of unofficial exchanges.

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For example, the Russian Yelabuga drone factory paid the Iranian manufacturer Sahara Thunder partly in gold bars, worth around $104 million, for 6,000 Shaheds and other equipment.

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Russia has expanded its footprint across Central and West Africa through the use of military force, resource extraction, and influence operations. Since 2018, the Wagner Group—now Africa Corps—has secured Moscow’s interests violently in states with weak governments but rich reserves of gold, uranium, manganese, and oil. Backed by mercenaries, Russia has gained access to critical resources.

Africa Corps is entrenched in CAR, Sudan, and Mali, trading regime protection for gold, diamonds, timber, and other assets, frequently routed through the UAE, a hub for loosely regulated African gold.

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Since breaking from French influence, Russia has become the primary security partner for Burkina Faso, Niger, and Mali, embracing post-coup military juntas and deploying trainers, equipment, and combat support against jihadist insurgents. Together, Mali, Niger, and Burkina Faso produce around 230 tonnes of gold annually, making the Sahel a major global producer. CAR’s proximity to Sudan has allowed Moscow to lock in regional deals. Our focus is on Mali, Sudan, CAR, and Burkina Faso—the strongest gold-mining footholds for Russia in West Africa.

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In return for gold concessions, Russia offers military backing, disinformation networks, and diplomatic cover at the UN—an unequal exchange framed as “sovereignty.”

• CAR: Africa Corps continues to prop up President Faustin-Archange Touadéra, exploiting fragile power dynamics to secure long-term influence.

• Mali: Russian forces filled the vacuum left by France, supporting junta leader Assimi Goïta amid clashes with groups like al-Qaeda-linked JNIM.

• Sudan, Wagner-linked actors embedded themselves in gold and mineral extraction, backing the RSF in exchange for exclusive access.

• Burkina Faso, Russian PMCs—including the Kremlin-linked Bear Brigade—now support the junta, operating alongside Africa Corps.

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