Air Freight News

Swiss gold refiners say they didn’t import mystery Russian metal

The industry association for Switzerland’s gold refiners said its members didn’t import gold from Russia last month, raising questions about who bought the country’s precious metals.

Over 3 tons of gold—worth about $200 million—was shipped from Russia to Switzerland in May, almost all of which was marked as being for refining, according to data from the Swiss Federal Customs Administration. It was the first recorded shipment between the countries since February, when the war in Ukraine began.

Despite Russian gold exports not being sanctioned by Europe, the refining industry’s move to distance itself from the contentious shipments shows the reputation risks of dealing in the nation’s commodities and of being seen to indirectly finance Moscow’s war on Ukraine.

“After contacting its members, the ASFCMP confirms that none of its members are responsible for these imports,” the Swiss Association of Manufacturers and Traders of Precious Metals said in a statement Thursday. “Although Swiss legislation and sanctions do not prohibit the import of Russian gold into Switzerland, the ASFCMP would like to reiterate that dubious gold has no place in Switzerland.”

The statement raises questions about the identity of the end-buyers, as the ASFCMP’s 14 members include all the major refineries in Switzerland which dominate the processing of precious metals globally. Buying them from Russia became taboo within the industry following the country’s invasion of Ukraine.

In March, the London Bullion Market Association quickly removed the country’s own refiners from its accredited list, a move perceived as a de facto ban on bullion from the world’s second biggest producer. Still, the rules don’t prohibit other LBMA-approved refiners from buying metal originating from Russia’s mines.



© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).

Similar Stories

Gold rises as some G-7 nations to ban new imports from Russia

The US, UK, Japan and Canada plan to announce a ban on new gold imports from Russia during a summit of Group of Seven leaders that’s getting underway Sunday. Prices…

View Article
One of world’s major wheat buyers to trim imports as prices rise

Egypt plans to cut wheat imports by 500,000 tons per year, or about 10%, by eking out more subsidized bread from its grain, Supply Minister Aly El-Moselhy said.

View Article
Johnson says ‘reasonable’ to protect British steel with tariffs

Prime Minister Boris Johnson said that it’s reasonable for UK steel to enjoy the “same protections” other European steel economies have.

View Article
India to double capacity for washing coking coal to cut imports

India plans to ramp up its washing facilities for raw coking coal, a key input for the steel industry, in order to reduce its reliance on imports of the commodity. 

View Article
US resuscitates bid at G-7 to counter China’s Belt and Road
View Article
Isolating China won’t help Hong Kong and Uyghurs, says Dutch leader

Dutch Prime Minister Mark Rutte said he opposes reconsidering trade relations with China over its policies toward Hong Kong and its Uyghur minority.

View Article