Switzerland has joined the sanctions of the European Union (EU), which on July 21 included a ban on the import of gold from Russia.
The ban comes into effect on Wednesday at 18.00, according to a statement from the Swiss Federal Council. Switzerland is one of the leading processors of gold and producers of gold bars.
Under the new sanctions, Switzerland is prohibited from “buying, importing or transporting gold and gold products from Russia,” the statement said, adding that “services related to these goods are also prohibited.”
After Russia’s invasion of Ukraine, Switzerland, traditionally neutral, changed its usual stance by complying with the economic sanctions imposed by the EU.
In May, Britain imported three tons of gold from Russia, but it was not clear which company was responsible for bringing it to Switzerland, Bloomberg News reported.
The Association of Swiss Precious Metals Producers and Traders (ASFCMP), which represents the country’s largest gold processors, contacted its members and said none of them were responsible for the imports.
There are several gold refineries in Switzerland that process gold and melt ingots.
According to ASFCMP, the industry employs 1,500 people.
–
