Russia "Using Diamonds to Buy Weapons Tech"
October 09, 23
(IDEX Online) - Russia is using bags of cash and diamonds to buy weapons technology for the war in Ukraine, according to an expert quoted by the financial news website Insider.
It circumvents banking restrictions using intermediary accounts in Turkey and the UAE, and shell companies in Kazakhstan and Armenia, according to Pavlo Verkhniatskyi, a member of the International Working Group on Russian Sanctions, based at Stanford University, California, USA.
"There is also information on Russians using diamonds as payment methods for sanctioned goods," he said, citing Ukrainian government sources.
He said representatives of shell company had been handing over "suitcases full of cash or other valuables" to suppliers.
Russia desperately needs microchips, specialized tools, and other key components to build the missiles and drones it's been using in the war since last February.
Insider said the Russian embassy in the UK had not responded to requests for a comment.
Pic courtesy Alrosa