Sanctions circumvented through third countries: Switzerland imported 14 tons of Russian gold in October

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Daniel Kestenholznight shift editor

Switzerland imported more than 14 tons of gold from Russia in October. The precious metal was shipped via third countries. This means that the imports do not violate EU sanctions against Russia, as current data from the Federal Service for Customs and Border Protection (BAZG) shows.

Last month, Switzerland’s gold imports amounted to 776 million francs. “773.2 million francs of this is gold of Russian origin,” the official writes. 14,208 tons were imported from Great Britain and the Republic of Moldova.

“Gold import meets the applicable conditions”

The BAZG announcement, published on November 21, emphasizes that this does not violate Russia’s existing sanctions: “The gold import meets the conditions in force at the time of import.”

Switzerland joined the seventh EU sanctions package against Russia in August 2022. This envisages a ban on “directly or indirectly purchasing, importing or transferring gold and gold jewelery” originating from Russia.

Timing decides

The Swiss regulation states that gold produced in Russia before the embargo is not subject to sanctions. This means that the Russian gold in question can also be legally imported from third countries.

According to the current mechanism, gold exported from Russia before the imposition of sanctions and processed at Russian factories before March 7, 2022 is not subject to the embargo.

It’s hard to find clues

Russian sanctions have so far had little impact on Switzerland’s Russian gold imports. Gold from Russia continues to be sold and remelted in the global gold trade, of which Switzerland is an important center. This makes it almost impossible to trace the origin of the precious metal.

More about Swiss and Russian gold

Is Russia evading sanctions?

Switzerland’s trade with Putin’s neighbors is improving

Switzerland also benefits

Gold prices are heading towards an all-time high

No sanctions were violated

Never before has as much Russian gold been imported as in February

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.