First, it was palladium, and now the yellow metal. In May, Switzerland re-imported gold from Russia for the first time since the country invaded Ukraine.
Switzerland is once again importing Russian gold, with over three tons brought into Switzerland from Russia as of May, according to data from the Federal Customs Administration. That represents the first shipment between the two countries since the outbreak of the Ukraine war in February, according to a report from «Bloomberg» (behind paywall).
Gold Trading Suspension
Following Western sanctions against Russia, the London Bullion Market Association (LBMA) suspended the membership of six Russian silver and gold refiners in March, as finews.com reported. That amounted to a de facto ban on the world's largest gold market. The removal from the so-called good delivery list means Russian gold and silver producers can no longer trade their newly minted bars in London.
At the time, the LBMA did not impose a time limit on the suspension, merely announcing it would apply «until further notice.» Russian refiners, however, can continue to trade gold and silver produced before March 7, of this year. The recent shipment of gold amounted to about 2 percent of all Swiss gold imports.
Important Hub
Switzerland is an important hub in the international gold trade, with Swiss refiners responsible for much of the world's gold processing. In March, at least two major gold refiners refused to remelt Russian bars, even though market rules allow them to do so. according to the «Bloomberg» said.
Other Swiss smelters, including Argor-Heraeus, said they would accept refined products from Russia so long as there were documents proving that a Russian person or entity would not gain financially from it, and that the gold was refined prior to 2022.
All five Swiss refineries were contacted by Bloomberg, but none have commented or issued any statement.
