Switzerland’s Russian gold imports will increase in 2022
(Kitco News) The latest Swiss customs data showed the country imported 28.5 tons of Russian gold in 2022, equivalent to $1.7 billion.
Last year’s purchases of Russian gold increased 1.6 times year-on-year.
The breakdown of the data shows that Swiss imports of Russian gold were completely halted between March and April last year. They resumed in May.
China also reported buying gold from Russia last year. Chinese customs data showed that a total of 6.7 tons were purchased in 2022, up 67% from 2021, Russian media reported.
The Russian Federal Customs Service has not released its gold export data for almost a year.
In September last year, the Swiss customs office commented on his imports of Russian gold, stating the yellow metal originated in the UK and did not breach sanctions. The metal was registered as Russian because Swiss customs data only indicates the last place the metal was refined, not the place from which it was last transported.
Various reports indicate that investors have likely taken the opportunity to remelt their old Russian gold in one of the Swiss refineries, which could make it easier for them to sell their bars without stigma.
The US, EU, Japan, Canada and Switzerland have sanctioned the import of all new Russian gold. But gold bars exported from Russia before August 4 are not covered by these sanctions, Swiss authorities clarified last year.
Russia is the second largest gold miner in the world. Before the sanctions it was one of the UK’s leading suppliers of new gold bullion. Before the Russian invasion of Ukraine, 80% of the gold mined in Russia was exported through Britain. In March 2022, the London Bullion Market Association (LBMA) Membership of Russian refineries suspended.
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