Switzerland, Leader in Gold Refining, Bans Import of Russian Gold
On Wednesday, Switzerland banned the import of gold and gold products from Russia, following similar moves by the European Union and the United States.
The Federal Council, the seven-member executive board of the Swiss government, said in a statement that the gold ban is in line with the latest European Union sanctions against Russia in response to its invasion of Ukraine, and that Switzerland is “taking the most urgent measures on time.” and actually.”
The council added that it has frozen the assets of Russia’s state bank Sberbank, after imposing sanctions last month on dozens of other individuals and entities on the EU’s sanctions list. European Union.
The Swiss list of sanctioned persons and entities related to the situation in Ukraine is fully consistent with the EU list, the council said.
Agricultural products and petroleum supplies remain excluded from the sanctions, the statement said, as the decision triggered a global food and energy crisis.
The country leads in gold refining market, by watch and jewelry industry in 2018 report of the World Wildlife Fund, with 60 to 70% of the world’s gold going through Switzerland to be refined. Precious metals are a common material in Swiss luxury watches.
The European Union in July banned imports of newly minted and refined gold from Russia, following similar announcements by Russia. USA, UK and other Group of 7 countries in June.
Officials have described the gold sanctions as another strategy to isolate Russia from the international financial system, with Ukraine’s allies already ban most trade with Russia.