Home Business Switzerland traces 3 tons of Russian gold worth 200 million dollars

Switzerland traces 3 tons of Russian gold worth 200 million dollars


Swiss customs announced today, Friday, that it is tracking about 3 tons of gold of Russian origin, revenue in Switzerland from Britain last month, as part of monitoring possible violations of economic sanctions imposed on Russia after the war against Ukraine.

Officials said the gold was worth 194 million Swiss francs ($ 202 million), according to the Associated Press.

The Federal Office of Customs and Border Security said it constantly monitors imports of gold from Russia, which are not banned by a series of Swiss sanctions against Moscow.

But the export of gold in Russia is banned by Swiss sanctions, according to a declaration from the customs office. The statement clarifies that the gold bars produced in Russia from March 7 cannot be exchanged in Switzerland, while the bars produced before tale date can be exchanged.

The statement stressed that there are no trade restrictions in Switzerland on other forms of gold, such as jewelry or coins from Russia.

On Thursday, the Swiss Association of Precious Metals Producers and Traders said it was aware of concerns related to last month’s move, denying that any of its members, including Switzerland’s largest gold smelters, were behind it.

The association noted that while these imports are not illegal, “they would like to point out that questionable gold has no place in Switzerland and expects its members to act with the utmost caution and refrain from buying in case of doubt “.

Interestingly, Switzerland has imported 270 billion Swiss francs (about $ 280 billion) worth of gold in recent years, according to data from the customs office.

Read More About: Business News


Exit mobile version