June 21, 2022
Switzerland imported gold from Russia in May for the first time since the Kremlin sent troops into Ukraine in February, Swiss customs data showed on Tuesday.
Switzerland is the world’s largest gold refining and transit hub, and Russia is one of the largest producers of bullion.
Western sanctions against Russia do not target commercial gold shipments directly, but many banks, shippers and refineries have stopped trading with the Russian metal after the conflict in Ukraine began. head.
Switzerland received 3.1 tonnes of gold worth about $200 million from Russia in May, about 2-3% of the country’s total gold imports, customs data showed.
This compares with an average of about 2 tonnes of gold a month Switzerland imported from Russia in the 12 months to February.
On the export front, Swiss gold exports to China fell in May but exports to India rose to a six-month high. China and India are the two largest gold bullion consuming markets.
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