Switzerland resumes gold shipments from Russia

SWITZERLAND imported gold from Russia for the first time since the Kremlin’s invasion of Ukraine, showing the industry’s stance on Moscow’s precious metals sales may be softening.

More than three tons of gold arrived from Russia in May, according to data from the Swiss Federal Customs Administration, in the first shipment to take place since February when Russian bullion became taboo.

The sales represented about two per cent of gold bought by the key refining hub last month.

Most refiners refused to accept gold from Russia after the London Bullion Market Association removed the country’s fabricators from its accredited list.

While that was viewed as a de facto ban on fresh Russian gold from the London market, one of the world’s biggest, the rules do not prohibit Russian metal from being processed by other refiners.

Switzerland has four major gold refineries, which together handle two thirds of the world’s gold.

Almost all of the gold was registered by customs as being destined for refining or other processing, indicating one of the country’s refineries took it. But the four largest – MKS PAMP SA, Metalor Technologies SA, Argor-heraeus SA and Valcambi SA – said they did not receive the metal.

In March, at least two major gold refineries refused to remelt Russian bars even though market rules permit them to do so if they were minted before Russia’s invasion.

Others, such as Argor-heraeus, said they would accept products refined in Russia before this year, provided there were documents proving that doing so would not financially benefit a Russian citizen or entity.

Russia, the world’s biggest miner of palladium, has been selling small quantities of the metal to Switzerland since April.