Switzerland Imports 5.6 Tonnes Of Russian Gold In January Amid Sanctions - Customs

Switzerland Imports 5.6 Tonnes of Russian Gold in January Amid Sanctions - Customs

GENEVA (UrduPoint News / Sputnik - 21st February, 2023) Switzerland imported 5.6 tonnes of gold of Russian origin worth $337 million via the United Kingdom in January despite the introduction of a ban on the metal, Switzerland's Federal Office for Customs and Border Security reported.

Switzerland joined one of the European Union's sanctions packages against Russia that included a gold embargo and came into effect early in August. However, the Swiss authorities explained later that the gold had been brought out of Russia before the embargo entered into force on August 4 and had been produced by Russian factories before March 7, 2022 and is therefore not covered by the sanctions. This allows Switzerland to continue to import Russian gold through third countries. The document stated that all the trade operations with Russia abide by these regulations.

Switzerland's customs agency stated in its report that imports from Russia in January amounted to 319 million francs ($344 million), 312 million francs of which concerned the import of 5,662 kilograms (12,500 Pounds) of gold originating from Russia via the UK.

The report said that exports to Russia reached 282 million francs, including 247 million francs of chemical and pharmaceutical products.

It is not the first time Switzerland has imported Russian products after joining Western sanctions. Donatella Del Vecchio, spokesperson for Switzerland's Federal Office for Customs and Border Security, told RIA Novosti that, in August, the country imported 5.7 million tonnes of gold of Russian origin worth around $323 million.

According to Swiss customs, total imports of Russian goods to Switzerland decreased by 47.5% compared to 2021, with the country's exports to Russia down by only 5.9%.