Switzerland imported 284 kilograms of gold from Russia in June, according to customs data, down from more than three tonnes it imported in May, sparking debate over whether accepting Russian gold helped finance Moscow’s war in Ukraine.
Swiss gold imports from Russia fell to 284 kg in June from 3,089 kg in May.
Russia is the world’s second largest gold producer, according to the World Gold Council, while Switzerland is a major gold refining hub.
Britain, the US, Japan, Canada agreed to a ban on new Russian gold imports at the G7 meeting last month, and the Commission also proposed new sanctions last week, including a ban on Russian gold imports.
Traditionally neutral Switzerland has so far adopted sanctions decided by the EU to punish Russia for its invasion of Ukraine.
A ban on Russian gold imports may clarify the legal situation in Switzerland, Swiss gold refiner CEO Argor Heraeus told Reuters.
“Regardless of what is legal, there is no place for Russian gold in Switzerland, which is used to finance the war,” he stressed, adding that Agor has cut off all business relations with the Russians since the invasion.
Also Swiss gold refiner Valcambi took a different stance in a statement this month, explaining that gold imports from Russia were not banned across the board and that traders like itself could import and process gold if they met all legal requirements. liabilities.
Source: Capital
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