Switzerland, one of the world’s leading gold refiners, banned the import of Russian gold, aligning itself with similar announcements from the US and other Group of 7 countries.
Switzerland’s Federal Council on Wednesday announced it will ban all imports of gold and gold products from Russia, in order to align with America’s and the EU’s latest sanctions against the former Soviet country. The executive board also said it has frozen assets held by Russia’s state-owned Sberbank, adding to the list of sanctions already implemented against Russian organizations and individuals singled out on the EU’s sanctions list.
“Switzerland’s list of sanctioned persons and entities in connection with the situation in Ukraine is thus fully in line with that of the EU,” the Federal Council confirmed. As per the new restrictions, it will now be forbidden to buy, import, or transport all gold and gold items from Russia, and any services related to such goods will be banned. Switzerland has traditionally maintained a neutral stance, but has taken the West’s side on implementing harsh economic sanctions in response to Moscow’s invasion of Ukraine.
The EU last month imposed additional sanctions against Russia’s gold market in an effort to cut off the country’s access to the international financial system. Russia is one of the largest gold producers in the world, recently boosting its mining operations to compensate for reserves frozen by the international community.
Information for this briefing was found via The Jordan Times. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.