According to the Swiss customs authority, Switzerland imported gold from Russia in May. This is the first gold import since Russia marched troops into Ukraine in February.
Switzerland is the largest gold mining and transportation center in the world. On the other hand, Russia is one of the world’s largest producers of gold bullion.
Western sanctions against Russia did not target commercial gold shipments, but most banks, shippers, and gold miners stopped doing business with Russia after Russia’s military incursion into Ukraine.
According to the Customs Office, in May Switzerland imported 3.1 tons of gold from Russia worth about $200 million, which is 2.3% of total gold imports.
This figure was above the monthly average of 2 tons of gold imports in the 12 months to February.
Swiss gold exports to China fell in May. However, exports to India rose to their highest level in six months, with China and India being the world’s largest gold markets.