The Magazine for Asian Investors
The Swiss Customs Office said Switzerland imported 284 kg of gold from Russia in June, up from 3,089 kg in May, sparking controversy as the import of gold from Russia is said to be financial aid to Russia.
According to the World Gold Council (WGC), Russia is the world’s second largest gold producer, while Switzerland is the world’s most crucial gold center.
The UK, US, Japan, and Canada agreed to ban gold imports from Russia at the G7 summit in June. Last week, the European Commission (EC) proposed new sanctions against Russia, including a ban on gold imports from Russia.
Robin Kolvenbach, CEO of Swiss refiner Argor Heraeus, said to Reuters last week, “There is no place for Russian gold in Switzerland that is used to finance the war.”