Raab to investigate ‘blood gold’ bankrolling Russia

MINING companies have hired Dominic Raab to investigate the global “blood gold” trade that is funnelling billions of dollars towards Russia’s war in Ukraine.

The former UK deputy prime minister has been asked to carry out a review by the World Gold Council, a trade association, amid concerns that gold smugglers are evading Western sanctions and suppressing smaller miners. This will involve making recommendations on how to tackle the problem, for example by introducing new industry supply chain standards or through better enforcement of sanctions.

Speaking to The Telegraph, Mr Raab said: “The targeting of artisanal gold miners by mercenaries, terrorists and organised crime has inflicted the most appalling suffering.

“Meanwhile, the illicit gold plundered is funding war, terrorist groups and organised crime. We need concerted action to end this trade in blood gold, safeguard vulnerable communities and choke the flow of money going to those who threaten regional and international security.”

Since leaving the Government last year, Mr Raab, who also served as foreign secretary, has waded into the debate over mineral resources and competition between the West and China.

He joined Appian Capital as a geopolitical adviser in February. He was also appointed chairman of a committee formed by the private equity firm and Safe (Securing America’s Future Energy), a non-profit that advises the US government.

His work for the World Gold Council comes after warnings that the Wagner Group, the Russian mercenary outfit seen as a proxy of the Kremlin, is exploiting turmoil in West Africa to plunder supplies of gold and use the proceeds to help fund the war in Ukraine.

The group has gained control over the Central African Republic’s largest gold mine, Ndassima. This was in exchange for propping up the government of president Faustin-Archange Touadéra amid a civil war in the country, according to a report published in December. The report, “Blood Gold”, produced by the charities Consumer Choice Center and 21Democracy, claimed Wagner was producing $290m (£232m) worth of gold annually, with the Ndassima site thought to contain deposits worth $2.8bn overall.

Wagner is said to smuggle gold out of the country by transporting the goods overland to nearby countries such as Cameroon or Sudan, and using private jets and military planes.