Imports of Russian gold to Switzerland increased -

Bern/Moscow: A recent report from Swiss Customs has revealed that Switzerland has imported a significant amount of gold from Russia, despite the embargo on such imports. It has come to the fore from the information provided by the Swiss Customs agency Switzerland had imported 6.4 tons of Russian gold in November. Even earlier in May, reports were published that Switzerland had imported more than three tons of gold from Russia.

Moreover, Russia is known as the second-largest producer of gold in the world. Many countries worldwide have been importing a large amount of gold from Russia, and European countries have been at the forefront. Many European countries had stopped importing Russian gold following sanctions imposed in the wake of the Russia-Ukraine conflict. Switzerland also announced a ban on Russian gold imports in August.

Despite the ban, new information has clarified that Switzerland has been importing significant amounts of Russian gold. In November, it has come to light that Switzerland imported Russian gold worth 37 crore dollars. Besides, the Swiss Association of Precious Metal Manufacturers and Dealers claimed that Swiss companies have no connection with the said imports. However, it has been claimed that the gold has entered Switzerland and has come for processing. Furthermore, Switzerland has been recognised as the world’s leading gold refinery hub.

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