As soon as EU voices plans to ban Russian gold, Switzerland buys 3 tons from Moscow

EU to ban Russian gold. Switzerland urgently buys 3 tons of gold from Russia

The European Union may include restrictions on gold in the seventh package of anti-Russian sanctions, Reuters reports, citing sources familiar with the discussions.

According to the agency, the European Commission intends to include gold in a new package of sanctions. It remains unknown whether the new restrictions may ban gold exports to Russia or imports of gold from Russia. A spokesman for the Danish ambassador to the EU said that at a private meeting of ambassadors last week, the Danish diplomat suggested gold be included in the new sanctions package along with other sectors.

The agency also reviewed the final statement from EU leaders, which would be presented at the summit on June 23-24. It says that the EU will continue working on the sanctions to strengthen their implementation and prevent circumvention.

Switzerland buys three tons of Russian gold

On June 21, Bloomberg reported with reference to Swiss customs that Switzerland imported Russian gold for the first time since the end of February. Switzerland imported about three tons of gold from Russia, which accounted for two percent of all gold imports. There are four large gold refineries in Switzerland. Together they process two-thirds of the world's gold. Most refineries (deep cleaning companies — ed.) refused to accept Russian precious metals after the London Precious Metals Market Association deprived six Russian plants of the status of gold and silver suppliers.

On February 28, the Bank of Russia resumed buying gold on the domestic precious metals market after the EU and the US blocked its assets. The Bank of Russia has not purchased gold since March 2020. In mid-March, the Central Bank suspended gold purchases due to increased demand for gold bullion among the population, but at the end of the month the restriction was lifted.

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Author`s name Editorial Team
Editor Dmitry Sudakov