Switzerland Imports Russian Gold for the First Time Since the War

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Bloomberg reported on the 21st (local time) that Switzerland imported Russian gold for the first time since the invasion of Ukraine.

According to the Swiss Federal Customs Administration, more than 3 tons of Russian gold were shipped to Switzerland last month. This amount corresponds to about 2% of the gold imports into Switzerland that month, marking the first gold import since the outbreak of the Ukraine war in February.

The report interpreted this gold shipment as indicating a possible softening of the industry's stance on Russian precious metals.

Since the London Bullion Market Association (LBMA) effectively banned Russian gold and silver trading in March, refiners worldwide, including Switzerland, decided not to purchase Russian gold.

Switzerland is home to the headquarters of four of the world's seven major refiners, and these four companies account for about two-thirds of global gold refining.

Since the invasion of Ukraine, Switzerland has pursued a strategy of diversifying supply sources, increasing gold transactions with the United Arab Emirates (UAE) instead of Russia as part of sanctions against Russia.

Meanwhile, since April, Switzerland has been importing small amounts of palladium from Russia, the world's largest metal mining company.