Switzerland imported gold from Russia in Could for the primary time because the Kremlin despatched troops into Ukraine in February, Swiss customs knowledge confirmed on Tuesday.
Switzerland is the world’s greatest refining and transit centre for gold and Russia is among the greatest bullion producers.
Western sanctions on Russia haven’t immediately focused industrial gold shipments however many banks, shippers and refiners stopped coping with Russian metallic after the battle in Ukraine started.
Switzerland acquired 3.1 tonnes of gold price round $200 million from Russia in Could, accounting for round 2-3% of its complete gold imports, the customs knowledge present.
That compares with a mean of round 2 tonnes of gold a month imported by Switzerland from Russia within the 12 months to February.
On the export aspect, Swiss shipments of gold to China fell in Could however exports to India rose to their highest in six months. China and India are the 2 largest bullion shopper markets.