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Swiss imports of Russian gold rise to most since April 2020
By Eddie Spence
Tuesday, September 20, 2022
Switzerland's imports of Russian gold surged to the highest in more than two years, a sign that more old bullion from the country may be being remelted to make it easier to sell.
About 5.7 tons -- worth $324 million -- of Russian metal was imported by the refining hub in August, according to data from the Swiss Federal Customs Administration. That's the most since April 2020.
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The shipment was Russian metal that arrived from the UK, the customs administration said in a statement today. Swiss customs data show the last place the precious metal was refined, rather than where it was last shipped from.
Russia's gold has become taboo since the country invaded Ukraine earlier in the year. New Russian gold has been sanctioned by the United States, European Union, and Switzerland, but bars exported from the country before Aug 4 are not subject to the import ban, the customs authority said. ...
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