Russian State-funded private military company (PMC) Wagner Group is one of the greatest beneficiaries of illicit gold trading, a new report published by the World Gold Council (WGC) shows.
According to the report, penned by former UK Deputy Prime Minister Dominic Raab, estimates suggest the PMC earned more than $2.5-billion from illicit gold mining since the invasion of Ukraine alone, which has been funnelled back into the Russian war machine.
Although artisanal and small-scale gold mining (ASGM) provides income for millions of people in more than 80 countries, some estimates indicate that 80% of ASGM takes place in the shadow economy. The ASGM industry is responsible for an estimated 20% of global yearly gold supply and about 80% of overall gold mining employment.
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