Russia transferred 1.8 tons of gold bars worth about $104 million to Iran’s Sahara Thunder as payment for Shahed-136 kamikaze drones, according to U.S. analysts at C4ADS.
The Washington Post reported these findings on May 29, based on access to a contract between the two parties.
Documents show that on March 16, 2023, the parties signed an agreement for the delivery of 1,788 kilograms of gold at a price of $58.32 per gram. An additional contract dated April 5 calls for another 2,067 kilograms of gold, though details of that shipment remain unknown, as does the confirmation of its delivery.
C4ADS notes that paying in gold allowed Moscow to bypass potential U.S. sanctions that might otherwise interdict dollar transactions. The use of gold also provided greater anonymity.
In addition to gold, Russia employed other payment methods. In one instance, funds were transferred in United Arab Emirates dirhams to a bank account in Dubai. The parties took advantage of the UAE’s free economic zones, which ease financial transactions and offer tax breaks.
The report also indicates that Iranian companies may use cryptocurrencies for some international settlements. According to leaked emails related to Belarusian dictator Alexander Lukashenko’s visit to Iran in March 2023, Tether was used to pay for airport services.
The primary route for the drones Moscow purchased was via the Iranian port of Amirabad, from where the equipment was transported by sea to Makhachkala on the Caspian Sea.
The analysts noted that during an Iranian delegation’s visit to Russia in March 2023, a gold supply contract was signed.
In April 2024, the United States imposed sanctions on Sahara Thunder for its role in facilitating the shipment of Iranian drones to Russia. U.S. officials believe the company is a front for Iranian military entities. Although Sahara Thunder began a liquidation process after the sanctions, a new legal entity could soon take its place.
Source: NEW VOICE OF UKRAINE
