The British weekly The Economist has drawn sharp criticism in Uzbekistan after effectively accusing the country of re-exporting Russian gold, allegedly helping Moscow bypass Western sanctions.
According to Uzbek media, the head of the Central Bank of Uzbekistan, Timur Ishmetov, categorically denied the claim that the regulator was involved in the re-export of Russian gold. He emphasized that the media outlet responsible for this story had later admitted its mistake.
photo: kun.uz
“This information is completely false. We have never purchased gold abroad and have no intention of doing so. Uzbekistan has enough of its own gold,” Gazeta.uz quoted Ishmetov as saying.
The article in The Economist was published several months ago, but following Uzbekistan’s official appeal, the publication made corrections to it.
Earlier, in September 2024, the Swiss outlet SWI swissinfo.ch reported that after 2022, gold exports from Central Asian countries had sharply increased, exceeding their domestic production levels. The outlet suggested this could indicate possible re-exports of Russian gold in order to evade sanctions. Kazakhstan was also mentioned among the potential re-exporters. Journalists pointed to a significant surge in gold shipments from Uzbekistan and Kazakhstan to Switzerland and the United Kingdom in 2022-2023 - coinciding with the Western ban on Russian gold.
Their analysis concluded that these countries appeared to be selling more gold than they produced. Experts interviewed by SWI suggested that Switzerland and the U.K. might even suspend gold imports from Uzbekistan and Kazakhstan out of fear that the shipments could contain Russian gold. However, the same experts admitted that it was practically impossible to trace the true origin of the precious metal - meaning their concerns were based on assumptions rather than evidence.
The strong reaction from Uzbekistan’s Central Bank was not surprising. Uzbekistan has never purchased gold from Russia, as it is itself among the world’s leading gold producers. According to Gazeta.uz, the country imports only negligible quantities of gold, mainly from Afghanistan. The principal buyers of Uzbek gold are the United Kingdom and Switzerland, with smaller volumes going to the United Arab Emirates.
photo: Scottsdale Bullion and Coin
In the first half of 2025, Uzbekistan increased its gold exports by 54.8 percent compared with the same period last year. The share of gold in the country’s total foreign trade rose from 32.1 percent in 2024 to 38.4 percent in 2025. According to the World Gold Council, Uzbekistan sold 19 tons of gold on international markets between January and June 2025, making it the world’s largest exporter of the precious metal during that period.
Uzbek media report that as of July 1, 2025, Uzbekistan’s gold reserves stood at 364.5 tons, placing the country among the world’s top twenty nations in terms of gold holdings. Over the same period, its foreign exchange reserves rose from USD 41.18 billion to USD 48.55 billion.
Speaking to Türkiye’s Anadolu agency, Uzbek economist Ulugbek Yakubov noted that the volume of gold sales depends both on the government’s economic strategy and on fluctuations in global gold prices. The growing share of gold in exports, he said, is driven by increased production, rising global prices, streamlined export procedures, and greater transparency in the mining sector.
“The rise in gold prices on world markets creates new opportunities for Uzbekistan. The authorities are using this situation to boost export revenues. In recent years, gold exports have overtaken traditional agricultural goods such as cotton, becoming the main driver of foreign trade. This helps balance the current account deficit and enhances the economy’s resilience to external shocks. Uzbekistan seeks to make the most of its mineral wealth, capitalize on higher global prices, and strengthen its economy through expanded gold sales,” Yakubov told Anadolu.
In 2025, Uzbekistan plans to reach an annual gold output of 118 tons, according to UzDaily, citing President Shavkat Mirziyoyev. He stated that the increase in gold and uranium production has been made possible through new approaches to geological exploration. In 2016, Uzbekistan produced 86 tons of gold; this year, it expects to reach 118 tons.
It should be recalled that the ban on Russian gold exports has been in effect since August 2022.
By Tural Heybatov
