Switzerland has resumed imports of gold from Russia for the first time since the country invaded Ukraine.
Over 3 tons of gold were shipped from Russia to Switzerland last month, according to data from the Swiss Federal Customs Administration, obtained by Bloomberg.
BEN STILLER MEETS WITH UKRAINIAN PRESIDENT VOLODYMYR ZELENSKY
May’s shipment was the first made to Switzerland since February, as it and other countries scaled back imports from Russia.
Imported gold registered with Swiss customs was earmarked for refining or processing, though four of the largest refineries in Switzerland, MKS PAMP SA, Metalor Technologies SA, Argor-Heraeus SA, and Valcambi SA, have stated they did not take the metal, per the outlet.
Collectively, the four companies handle two-thirds of all the world’s gold.
Argor-Heraeus had previously stated it would take products refined in Russia, as long as they were created prior to 2022 and there was proof no Russian person or entity benefited financially.
The imported gold from Russia accounted for 2% of all gold imports into Switzerland last month. Many refineries stopped handling Russian gold after the London Bullion Market Association removed Russian fabricators from its accredited list.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Switzerland has implemented numerous sanctions against Russia and Belarus to limit the countries’ abilities to expand their industrial capacity. In April, Switzerland banned the import of lignite and coal, among other products, such as caviar, timber, and seafood, from Russia.
