Switzerland explores the benefits of importing gold from Russia

Swiss Federal Customs is currently checking imports of 3 tons of gold from Russia in May last year, and is also checking the shipments for compliance with the sanctions regime imposed on Russia.

And Bloomberg previously reported with reference to the Swiss Customs Administration that Switzerland began importing gold from Russia for the first time since winter, and it was reported that 3 tons of gold were delivered from Russia to Switzerland in May, but the Association of Swiss Precious Metals Producers and Traders AFCMP later reported that none of its members had recently imported gold from Russia and that none of the country’s major refineries had accepted Russian precious metals.

The customs statement said: “BAZG is constantly monitoring the situation with gold imports from Russia, as about 3 tons of Russian-origin gold worth 194 million Swiss francs (over 200 million US dollars) were imported into Switzerland from the UK, while the study of the Bureau qualifying imports, subject to applicable sanctions.

As the authorities indicated, the import of gold from Russia to Switzerland is allowed, but the export of gold to Russia is prohibited due to sanctions: “All bars produced by Russian companies after March 7, 2022 can no longer be traded in Switzerland. However, in principle, one can continue trade in bars, jewelry or gold coins produced by Russian companies prior to this date, as there are no commercial restrictions on this.”

Source: RIA Novosti

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