Switzerland has imported gold from Russia for the first time since Vladimir Putin launched his war against Ukraine, suggesting that some buyers’ self-sanctions could be eased. In May, more than three tonnes of gold arrived in Switzerland from Russia, according to figures from the Swiss Federal Customs Administration cited by Bloomberg. It was the first import of Russian gold to the European nation since February. Switzerland’s move – which owns four major gold refineries – is notable because most buyers stopped importing gold from Russia when the London Bullion Market Association removed the country from the accredited list. It marked a de facto ban on Russian gold from the London market, but no explicit sanctions have been imposed banning Russian metal processing from other nations or other refineries. Switzerland recorded almost all of the gold it imported last month for refining or other processing, although the four largest refineries told Bloomberg they did not take the goods. Other buyers, meanwhile, are still reluctant to import Russian metals, including palladium. Switzerland, however, has continued to import palladium from Russia since April. Despite sanctions imposed by Western nations, Russia continues to bend its power as a supplier of goods, especially in the energy sector, as oil and gas revenues enter.
