Russia’s Wagner mercenary group has earned as much as £2 billion ($2.5 billion) for the Kremlin from the African gold trade since the invasion of Ukraine, according to new research estimates.
The notorious militia has become the Kremlin’s de facto representative on much of the continent, while also earning billions from murky gold investments to help bankroll Vladimir Putin’s assault on Russia’s neighbour.
The Blood Gold Report by a research team led by African-European relations expert Jessica Berlin, accuses the group of generating more than £80 million a month in the Central African Republic (CAR), Sudan and Mali.
£2 billion? Strikes me – on no evidence at all of course – as being more likely to be turnover than profits. Gold mines do cost money to run.
PJF will be on to say it’s proof we need an invasion of Russia Tim
Gold prices have been volatile but I agree with your assessment. These people are generally clueless about Markets and commodities more generally .
a research team led by African-European relations expert Jessica Berlin
It must be true if somebody who identifies as an expert on LinkedIn says it’s true.
I’m keeping an eye out for all those clones of Putler, after experts told me he died of turbo cancer and Parkinson’s, several times.
Tim
Actually saw a quite good tribute to the late Andre Braugher on the Guardian website and for five minutes surfed it (My blood pressure won’t take much more) – thought this one would be a ‘non- Murphy’ post you could fisk – from Good old Polly
https://www.theguardian.com/commentisfree/2023/dec/15/court-no-fault-evictions-rishi-sunak-christmas-children-homeless-tenants
It must be true if somebody who identifies as an expert on LinkedIn says it’s true.
To be fair, Steve, she did have a research team working with her. No doubt, all equally expert.
I do wonder, though, whether expertise in “Africa – EU relations” is the best qualification, as opposed to say, mining engineering or operations
Skimmed the report:
https://bloodgoldreport.com/wp-content/uploads/2023/12/The-Blood-Gold-Report-2023-December.pdf
and it seems the alleged Wagner/Kremlin money comes from overall activities related to the African gold trade rather than just running gold mines, pretty much as summarised in the first line of the Telegraph quote. I say “alleged” but it’s obvious they’re there and they don’t play for peanuts. Whatever the amount is, I doubt very much of it makes its way to the Russian war effort.
Jessica Berlin is one of my “Langley” colleagues, though to her credit she does put her life where her mouth is and has personally delivered non-lethal supplies to Ukrainian troops near the front rather than just commenting on blogs.