Switzerland: Bought Russian gold for the first time since the invasion of Ukraine

Switzerland has imported gold from Russia, for the first time since the invasion of Ukraine, in a move that could mean the industry’s attitude toward the country’s precious metals could soften.

More than 3 tonnes of gold were transported to Switzerland from Russia in May, according to the Swiss Federal Customs Administration.

This is the first gold shipment between the two countries, since February.

Shipments account for about 2% of gold imports to the main refinery last month.

It could also signal a change in the treatment of Russian gold, which became taboo after the invasion.

Most refineries have decided not to accept new gold from Russia after the London Gold Market Association removed the country’s companies from the list of accredited ones.

Although this was seen as a de facto ban on new Russian gold from the London market, one of the largest in the world, the rules do not prohibit the processing of Russian metal by other refineries.

Switzerland is home to four major gold refineries, which manage a total of two-thirds of the world’s gold.

Almost all the gold was registered with the customs for refining or other processing, indicating that it was taken by one of the country’s refineries.

The top four said they were not the recipients.

In March, at least two major gold refineries refused to re-melt Russian gold bars, although market rules allowed them to do so.

Other refineries, such as Argor-Heraeus, have said they would accept products refined in Russia before 2022, as long as there is evidence that a Russian individual or company would not benefit financially.