SEATTLE (Scrap Monster): The most recent Swiss Customs data indicates that Switzerland imported 284 kilograms of gold from Russia in the month of June this year. This is significantly down from around 3 tonnes of gold imported during the prior month. The June Russian gold imports by the country were worth around $16 million.
The ongoing imports, though at a lesser volume, have raised doubts about Swiss firms helping finance Russia’s invasion of Ukraine. Meantime, major Swiss refineries have refuted the allegations.
According to Swiss government sources, the gold imported in May was shipped from Britain, though it originated in Russia. The investigation by customs officials as to whether the imports violated any sanction is still under progress. The authorities have not yet revealed other details such as how long the imported gold has been in Britain’s vaults before being shipped to Switzerland or which companies actually owned it. It must be noted that Britain was one among the countries which had banned imports of Russian gold last month, the others being the U.S., Canada and Japan.
Swiss refinery Argor Heraeus said that the refinery had halted all business relationships with Russian counterparties after the invasion. Valcambi, another leading Swiss refiner too noted that the imported bullion from Russia were made before the war and that the imports were legitimate.