in May More than three tons of gold came to Switzerland from RussiaAccording to data from the Swiss Federal Customs Administration reported by Bloomberg. This is the first Russian import of gold to Europe since February.
The move by Switzerland – which has four major gold refineries – is noteworthy as most buyers stopped importing Russian gold when the London Bullion Market Association (LBMA) removed Russia from its list of approved countries. LBMA is the most important certification institution for producers of precious metals.
This means a virtual ban on the sale of Russian He went in the London market, but no official sanctions have been imposed that would prohibit processing the Russian metal in other countries, American Insider writes.
Switzerland recorded nearly all of its gold imports last month for refining or other processing, although the four largest refiners told Bloomberg that they did not take the commodity.
Meanwhile, other buyers are still reluctant to import Russian metals, including palladium. However, Switzerland has continued to import palladium from Russia since April. Despite the sanctions imposed by Western countries, Russia continues to flex its muscles as a supplier of raw materials, particularly in the energy sector, American Insider reports.
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