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Switzerland imported gold from Russia once again

June 22, 2022

GENEAVA (June 22)  Switzerland has imported gold from Russia (May) for the first time since Russia sent troops into Ukraine, Swiss customs data confirmed on Tuesday.

Switzerland is the world's largest refining and transit center for gold and Russia is one of the biggest bullion producers. Sanctions on Russia have not directly targeted commercial gold shipments but many banks, shippers and refiners stopped dealing with Russian metal after the conflict in Ukraine began.

The Swiss received 3.1 tonnes of gold worth around $200 million from Russia in May, accounting for around 2-3% of its total gold imports, the customs data show.

In comparison to an average of around 2 tonnes of gold a month imported by Switzerland from Russia in the 12 months to February. On the export side, Swiss shipments of gold to China fell in May but exports to India rose to their highest in six months. China and India are the two largest bullion consumer markets.


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