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24 Jun, 2022 13:49

Russian gold arrives in Switzerland

The country bought $200 million worth of the precious metal last month, the Swiss customs service said
Russian gold arrives in Switzerland

Gold recorded as originating from Russia arrived in Switzerland from the UK last month, the Swiss Federal Customs Administration said on Friday. It did not provide any information on the importer for legal reasons.

Data showed that more than three tons of gold, worth about $200 million, entered the country.

The bullion arrived from the UK, but had a so-called Russian designation of origin, the customs statement noted. According to a spokesperson, cited by Bloomberg, that means the gold was processed for the last time in Russia.

Swiss refiners can still legally buy gold from Russia, according to authorities, though most of them have said that they won’t.

“All bars produced by Russian refineries after March 7, 2022, may no longer be traded in Switzerland,” the customs statement said.“Bars produced by Russian refineries before March 7, 2022, can continue to be traded.”

Following the start of Moscow’s military operation in Ukraine and the rollout of international sanctions, the London Bullion Market Association suspended all Russian gold and silver refineries from its list of approved suppliers. The move was viewed by the industry as a de facto ban and most refiners refused to accept new gold from Russia.

According to media reports, the precious metal has been flagged as a possible new target for EU sanctions on Moscow.

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