SEATTLE (Scrap Monster): Switzerland imported gold from Russia in the month of May this year, for the first time since the Russian invasion of Ukraine, said latest Swiss Customs data.
Though commercial gold shipments have been largely unaffected by western sanctions on Russia following its attack on Ukraine, a large number of banks, shippers and refiners had stopped doing business with Russian metal.
The Customs data indicates that Switzerland imported 3.1 tonnes of gold worth approximately $200 million from Russia during the month. The imports from Russia accounted for around 2-3% of the total gold imports by the country in May 2022.
Meantime, China and India continued to be the two largest export market destinations for Swiss gold during the month.
The Swiss gold shipments to China totalled 9,992 kilograms during the month, down significantly in comparison with 15,946 kilograms in April 2022 and 32,750 kilograms in the same month a year before.
The gold exports to India hit the highest levels in six months, totalling 35,674 kilograms. It must be noted that gold shipments to India had totalled only 8,957 kilograms in April this year and 2,037 kilograms in May last year.