Switzerland sharply reduced gold imports from Russia at the end of the first quarter of 2024, according to RIA Novosti’s analysis of data from the UN Comtrade platform published on May 15.
Experts attribute the reduction in Russia’s gold imports to the depletion of reserves in world markets that are not subject to sanctions.
In August 2022, Switzerland joined the European embargo on gold supplies from Russia. However, as Swiss authorities later clarified, metal exported from the country before the introduction of the embargo is not subject to sanctions.
This allowed Swiss companies to continue importing the precious metal through other countries. As a result, in 2023 Russia was the sixth source of gold for Switzerland for the second year in a row.
However, at the end of the first quarter of this year, purchases decreased sharply: if in January 5.7 tons of gold of Russian origin were imported into Switzerland for 379.4 million dollars (34.5 billion rubles), in February only 237 kilograms for 15.6 million dollars (1.45 billion rubles).
The minimum purchase was reached in March this year: 37 kilograms for 2.4 million dollars (220 million rubles). In recent years, imports have been lower only once: in April 2023, when the Swiss bought about 25 kilograms of the precious metal for 1.6 million dollars (145 million rubles).
“In previous periods, to circumvent sanctions, Russian metal was sold as if it had been exported before restrictions were introduced. This principle allowed us to continue buying from Russian manufacturers, despite political difficulties. “There is probably little gold left in world markets that can be used to evade sanctions.”say analysts at Anderida Financial Group.
Source: Rossa Primavera
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