Switzerland Imports Gold From Russia

Switzerland imported gold from Russia in May amid the European Union’s efforts to ban Russian imports.

According to the data from the Swiss Federal Administration, Switzerland imported 3 tons of gold from Russia last month.

Gold imports from Russia make up 2 percent of gold imports in Switzerland.

Reports said that Switzerland had designated the Russian gold imports for refining or processing through MKS PAMP SA, Metalor Technologies SA, Argor-Heraeus SA, and Valcambi SA. The four refinery companies hold two-thirds of the world’s gold.

The EU leaders suggested this week to include gold, a crucial asset to the  Russian Central Bank, among the targets of sanctions against Russia. The EU leaders said they would continue to impose and implement sanctions on Russia.

Switzerland has banned several imports from Russia, including coal, timber, caviar, and seafood.

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