Investigations link African gold extraction to Russia’s war economy
Russia is tightening its grip on African gold deposits, using the proceeds to sustain its war against Ukraine, according to an investigation by The Telegraph, which detailed how gold reserves are feeding Putin’s military machine. The article describes how Russian-linked companies and mercenary networks have taken over an increasing number of mines across the continent. German outlet DW also highlighted allegations of Russia financing the war through African gold, pointing to systematic exploitation of mining sites in conflict-affected regions.
Gold as a strategic asset under Western sanctions
With Western sanctions restricting Russia’s access to oil and gas revenues, gold—alongside cryptocurrencies—has become a vital financial lifeline. Analysts note that gold can be transported, melted down or rebranded with relative ease, enabling Moscow to bypass embargoes through well-established black-market networks. Reports from early 2025 indicated that Russia paid Iran in gold bars for assistance in building drone infrastructure, while also using gold to purchase dual-use goods, munitions and military equipment from North Korea.
The global surge in gold prices has only intensified Russia’s reliance on the metal for foreign transactions. Experts estimate that since 2022, gold shipments from African countries to Russia have exceeded the equivalent of $2.5 billion, underscoring the scope of the trade feeding the Kremlin’s wartime budget.
Violent extraction networks in Central Africa
In the Central African Republic, several major gold fields remain under the control of structures that inherited the operations of the former Wagner Group. Armed Russian units have been repeatedly accused of killing local miners to retain dominance over lucrative deposits. In September 2025, Russian fighters shot ten artisanal miners near the Ndassima site. Two weeks later, they detained another group of miners, locking them in metal containers under searing heat—at least one died from the conditions. Wagner took control of Ndassima in 2021 and has used violence consistently to secure mining output.
Russian corporate expansion continues elsewhere in Africa. In Burkina Faso, Nordgold received a licence in 2025 to develop the Nio gold deposit in the province of Kurweogo—its third project in the country. In Mali, the ruling junta partnered with YADRAN-GROUP from Kazan to launch construction of a gold-processing plant with an annual capacity of 200 tonnes, intended to serve multiple states in the region.
Armenia emerges as a covert transit hub
Armenia has become a central transit route for Russian gold circumventing Western sanctions. Despite no major discoveries, the country’s gold exports increased seventeenfold in 2024 alone. Armenian business and political elites reportedly facilitate the re-export of Russian gold to international markets, especially the United Arab Emirates. Since 2022, these transit flows have reached billions of dollars, allowing Russia to offset part of the economic pressure imposed by sanctions.
Strategic implications for global security
The consolidation of Russian influence over African gold fields illustrates how Moscow uses resource extraction abroad to reinforce its war economy and circumvent restrictions. The combination of illicit mining, proxy violence and sanctions evasion creates a network that strengthens Russia’s military resilience while destabilising regions already affected by conflict. For governments tracking sanctions enforcement, these findings highlight the growing need to address opaque gold markets and cross-border financial loopholes.
