Business | The arrival of Russian gold in Switzerland

According to the Swiss customs department, the nation purchased the precious metal last month for $200 million.

The Swiss Federal Customs Administration announced on Friday that last month, gold that was identified as coming from Russia landed in Switzerland from the UK. For legal reasons, it withheld all information regarding the importer.

According to data, the nation received more than three tonnes of gold, valued at roughly $200 million.

The bullion came from the UK, but the customs record stated that it had a purported Russian designation of origin. That indicates that the gold was processed in Russia for the final time, according to a spokesman who was reported by Bloomberg.

Authorities claim that Swiss refiners can still lawfully purchase gold from Russia, even if the majority of them have stated that they won’t.

After March 7, 2022, no bars made by Russian refineries may be traded in Switzerland, according to the customs declaration. Before March 7, 2022, Russian refineries’ bars might still be traded.

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