Camilla Jessen
New documents expose how Russia used gold to bypass sanctions.
Russia paid Iran almost four tons of gold in 2023 for Shahed-136 attack drones, according to documents obtained by Washington-based research group C4ADS and reported by The Agency.
The revelations shed light on how Moscow is navigating international sanctions to maintain its weapons supply chain.
Two contracts, one dated March 16 and another April 5, show Russia transferred at least 1.8 tons and possibly over 2 additional tons of gold to the Iranian company Sahara Thunder, a key player in Tehran’s drone manufacturing network.
The first shipment was valued at roughly $104 million, based on a handwritten agreement detailing the delivery of 1,788,402.2 grams of gold at $58.32 per gram.
The second batch, totaling over 2 million grams, was mentioned in a separate document, though its delivery remains unconfirmed.
The deals were reportedly tied to the Alabuga Special Economic Zone in Russia’s Tatarstan region, where Iranian drones are assembled.
A Sanctions Workaround
C4ADS investigators say the use of gold allowed both countries to dodge the financial restrictions tied to international sanctions, particularly those involving US-dollar transactions.
Gold offers greater anonymity and is harder to trace.
But gold wasn’t the only method used.
The report also points to transactions made in UAE dirhams via banks in Dubai, leveraging the UAE’s free economic zones and relaxed financial oversight to move capital discreetly.
In another case, leaked emails from employees at SAS—a separate Iranian firm also under US sanctions—suggest cryptocurrency was being considered for payments, including the use of Tether (USDT) to cover services during Belarusian President Alexander Lukashenko’s 2023 visit to Tehran.
Sanctioned and Restructuring?
Sahara Thunder, sanctioned by the United States in April 2024 for aiding Iran’s military and its drone exports to Russia, is now reportedly undergoing liquidation.
However, The Washington Post reports that a successor company is likely to emerge under a new name to continue its operations.
The US Treasury has accused Sahara Thunder of acting as a front for Iran’s Defense Ministry and helping facilitate drone exports not just to Russia, but also to China and Venezuela.
