Russian Gold Is in Hands of Obscure Firms as JPMorgan, HSBC Exit

With Russian gold shut out of Western markets, little-known companies are stepping in to help the country’s bullion find new buyers.

Russian bars became taboo after the invasion of Ukraine, and were blocked by Group of Seven nations and European Union import bans last summer. That created a big headache for Russia’s huge gold industry — its own market can’t absorb the $20 billion of metal mined each year, leaving the central bank or foreign buyers to take the rest.

Dozens of logistics firms and merchants that are small players in the gold sector have since taken over the Russian ...