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Russia exports gold to Switzerland for the first time since the war in Ukraine began as some buyers soften on self-sanctioning

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Vladimir Putin holds a gold bar while visiting the Central Depository of the Bank of Russia when he was prime minister on January 24, 2011.
Vladimir Putin holds a gold bar during a January 2011 visit to the Central Depository of the Bank of Russia when he was prime minister.Alexsey Druginyn/AFP via Getty Images
  • Switzerland imported Russian gold in May for the first time since the war in Ukraine began, Bloomberg reported.

  • Over three tons of gold from Russia arrived in Switzerland last month for refining or other processing.

  • There has been a de facto ban on Russian metals in the London market, but no explicit sanctions have been imposed.

Switzerland imported gold from Russia for the first time since Vladimir Putin launched his war on Ukraine, suggesting that the self-sanctioning of some buyers may be easing.

In May, over three tons of gold arrived in Switzerland from Russia, according to data from the Swiss Federal Customs Administration cited by Bloomberg. It marked the first Russian gold import for the European nation since February.

The move by Switzerland — which holds four major gold refineries — is notable because most buyers stopped importing gold from Russia when the London Bullion Market Association removed the country from its accredited list.

It marked a de facto ban on Russian gold from the London market, but no explicit sanctions have been imposed that prohibit Russian metal from being processed in other nations or at other refiners.

Switzerland registered nearly all the gold it imported last month for refining or other processing, although the four largest refineries told Bloomberg they did not take the commodity.

Other buyers, meanwhile, still remain hesitant to import Russian metals, including palladium. Switzerland, however, has continued to import palladium from Russia since April.

Despite sanctions imposed by Western nations, Russia continues to flex its muscles as a commodities provider, especially in energy as oil and gas revenues roll in.

Read the original article on Business Insider