Switzerland, which has numerous refineries to melt gold bullion, will stop importing it from Russia, the Swiss government announced yesterday. The Federal Council has thus aligned itself with the European Union's sanctions against Russia for the invasion of Ukraine. One of them prohibits importing gold of Russian origin.
According to the resolution that entered into force yesterday, Switzerland prohibits "buying, importing or transporting gold or gold products from Russia." Likewise, “any service linked to these goods” is prohibited. Traditionally neutral, Switzerland broke with its usual reserve after the start of the war in Ukraine and the European response.
Last May, three tons of gold originating in Russia were imported by Switzerland from the United Kingdom without it being possible to identify which company did it, according to the Bloomberg agency. The Swiss Association of Precious Metals Manufacturers and Traders, which represents the country's big gold refiners, said after consultation with its members that none of them were the importer. The organization insisted that "doubtful gold" could not take refuge in Switzerland and recommended "maximum caution." Swiss customs said then that they would examine gold imports from Russia in light of the sanctions, but insisted they were not prohibited. Yes, on the other hand, exports were.
The fourth round of EU sanctions, dated March 15, prohibited the sale, transfer or export of luxury goods to Russia, including gold, silver, pearls and diamonds. On July 12, the EU explicitly vetoed the importation of gold in all its forms.
