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Switzerland, Leader in Gold Refining, Bans Import of Russian Gold

Switzerland on Wednesday banned imports of Russian gold and gold merchandise, on the heels of related strikes by the European Union and the United States.

The Federal Council, the Swiss authorities’s seven-member government board, stated in a statement that the gold ban aligned with the European Union’s newest sanctions on Russia in response to its invasion of Ukraine, and that Switzerland was “implementing the most urgent measures in terms of time and substance.”

The council added that it had frozen the property of Russia’s state-owned financial institution Sberbank, after imposing sanctions final month on dozens extra people and organizations on the European Union’s sanctions listing.

“Switzerland’s list of sanctioned persons and entities in connection with the situation in Ukraine is thus fully in line with that of the E.U.,” the council stated.

Agricultural merchandise and oil provides stay excluded from sanctions, the assertion stated, attributing this choice to the worldwide meals and power disaster.

The nation is a pacesetter in the gold refining market, based on a 2018 watch and jewellery sector report by the World Wildlife Fund, with 60 to 70 p.c of the world’s gold passing by Switzerland to be refined. The treasured metallic is a standard materials in Swiss luxurious watches.

The European Union in July banned imports from Russia of newly minted and refined gold, following related bulletins by the United States, Britain and different Group of 7 international locations in June.

Officials have described the gold sanctions as one other technique to isolate Russia from the worldwide monetary system, with Ukraine’s allies already banning most trade with Russia.

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