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Switzerland imported Russian gold in May for the first time since the attack on Ukraine

Switzerland imported gold from Russia in May for the first time since the Kremlin sent troops to Ukraine in February, according to Swiss customs on Tuesday.

Switzerland is the largest gold transit center in the world and Russia is one of the largest producers of gold.

Western sanctions on Russia have not directly targeted commercial gold shipments, but many banks have stopped dealing with Russian metal following the outbreak of the conflict in Ukraine.

Switzerland received 3.1 tonnes of gold worth about $ 200 million from Russia in May, accounting for about 2-3% of its total gold imports, customs data show.

This compares with an average of about 2 tonnes of gold a month imported by Switzerland from Russia in the 12 months to February.

Source: Capital

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