25 Jan 2023 13:38

Switzerland imports 28.5 tonnes of gold from Russia in 2022

MOSCOW. Jan 25 (Interfax) - Switzerland imported 28.5 tonnes of gold worth 1.57 billion francs ($1.7 billion) from Russia in 2022, Swiss customs authorities said.

This is a 1.6-fold increase from 2021, though far from a historical record and in line with average shipments in 2015-2017.

Statistics show that in March and April 2022, gold imports from Russia to Switzerland completely stopped, but resumed in May and steadily continued through the end of the year.

Earlier, Chinese customs authorities reported that imports of gold from Russia to China amounted to 6.7 tonnes worth $387 million in 2022. This is also a 1.6-1.7-fold increase over 2021.

In 2021, about 80% of gold mined in Russia was exported through Great Britain, an important global hub for the circulation and storage of precious metals. In March 2022, the London Bullion Market Association suspended the status of Good Delivery for Russian refineries, and in the summer the UK imposed an embargo on gold supplies from Russia. According to British customs statistics, Russian gold after a break in March was still being supplied to the country in April and June, but in token amounts: 7 million pounds ($9 million) over a total of three months, compared with 550 million pounds ($677 million) in January and 1 billion pounds ($1.3 billion) in February. There have been no shipments since July.

The Russian Federal Customs Service stopped disclosing data on gold exports in February.