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Swiss customs tracks importation of Russian gold price $200M

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GENEVA — Swiss customs authorities stated Friday that they’re monitoring about 3 tons of gold of Russian origin that entered Switzerland from Britain final month to look at for potential violations of financial sanctions towards Russia following President Vladimir Putin’s warfare on Ukraine.

The gold is price 194 million Swiss francs ($202 million), officers stated.

The Federal Office for Customs and Border Security stated it constantly displays imports of gold from Russia, which it stated should not prohibited below a raft of Swiss sanctions towards Moscow imposed over Russia’s Feb. 24 invasion of Ukraine.

However, exports of gold to Russia are barred below Switzerland’s sanctions, the customs workplace stated in a press release. Gold bars manufactured in Russia since March 7 can’t be traded in Switzerland, however ones created earlier than then can, the workplace stated.

There aren’t any industrial restrictions in Switzerland on different types of gold, akin to jewellery or cash, from Russia, the workplace stated.

American information outlet Bloomberg first reported the imported Russian gold that Swiss authorities are reviewing.

The Swiss Association of Manufacturers and Traders in Precious Metals stated Thursday it was conscious of “issues” linked to last month’s move and said none of its members — which includes the biggest smelters of gold in Switzerland — was behind it.

The association noted that while such imports are not illegal, it “would like to reiterate that dubious gold has no place in Switzerland and that it expects its members to act with the utmost caution and to refrain from buying in case of doubt.”

Switzerland has yearly imported a complete of about 270 billion Swiss francs (about $280 billion) price of gold in recent times, in response to customs workplace figures.


Swiss customs tracks importation of Russian gold price $200M.
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