The UK’s National Crime Agency (NCA) has issued a Red Alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime.

The Red Alert is relevant in a global context because of London’s key role in accrediting gold refineries and setting standards worldwide.

The alert also contemplates UK-based gold Exchange Traded Funds (ETFs). While these ETFs are domiciled in the UK, they can often be listed and traded on multiple stock exchanges around the world

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