Switzerland has imported around three tons of Russian gold in May, making it the first delivery of this precious metal from Russia since the start of the special military operation in Ukraine, Bloomberg has reported, citing Swiss Federal Customs Administration's data.
Bern did not import any Russia-made gold during March or April.
The May shipment made up around 2% of all gold imports to Switzerland. The imported bullions were designated as having been bought for "refining or other processing". Swiss refineries handle around 66% of the world’s gold.
However, it is unclear which Swiss company will be handling the ingots after four of the largest refineries told Bloomberg they were not the ones importing the gold. Two of them specified that they refused to work with any gold coming from Russia, including re-melted ingots which they could later trade on the London market, one of the world's biggest markets but which has effectively barred Russian gold.
Other Swiss refineries told Bloomberg they could take Russian bars meeting certain criteria, such as having been refined prior to February 2022, not exported previously and while the deal did not benefit any Russian entities.
Some western markets, refineries and companies are refusing to import Russian bullions following the start of the special military operation in Ukraine both in line with sanctions or in protest against the operation. The London Bullion Market Association recently rescinded the accreditation of Russian gold fabricators, effectively rendering Russia-smelted bars un-tradable on the London exchange.
Switzerland apparently followed the trend during March and April, despite continuing to import other precious metals from Russia, namely palladium. However, the news of the three tons suggests that no country-wide ban is in place and at least some of the domestic companies are willing to buy Russian bullions again.
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