Russia Exports Gold to Switzerland for First Time Since Ukraine Invasion

Russia Exports Gold to Switzerland for First Time Since Ukraine Invasion

  • Switzerland imported Russian gold in May for the first time since the war in Ukraine began, Bloomberg reported.
  • More than three tons of gold from Russia arrived in Switzerland last month for refining or other processing.
  • There has been a de facto ban on Russian metals in the London market, but no explicit sanctions have been imposed.

Switzerland imported gold from Russia for the first time since Vladimir Putin launched his war against Ukraine, suggesting self-sanction by some buyers may be waning.

In May, more than three tons of gold arrived in Switzerland from Russia, according to data from the Swiss Federal Customs Administration cited by Bloomberg. It marked the first import of Russian gold for the European nation since February.

The move by Switzerland, which owns four major gold refiners, is notable because most buyers stopped importing gold from Russia when the London Bullion Market Association removed the country from its accredited list.

It marked a de facto ban on Russian gold from the London market, but no explicit sanctions have been imposed prohibiting Russian metal from being processed in other nations or at other refineries.

Switzerland recorded almost all the gold it imported last month for refining or other processing, although the four largest refiners told Bloomberg they did not accept the product.

Meanwhile, other buyers are still hesitant to import Russian metals, including palladium. However, Switzerland has continued to import palladium from Russia since April.

Despite sanctions imposed by Western nations, Russia continues to flex its muscles as a provider of commodities, especially in energy as oil and gas revenues rise.

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