Swiss customs say Russian gold import arrived from the UK

The gold arrived from the UK, but had a Russian so-called designation of origin, customs said in a statement Friday. That means the gold was processed for the last time in Russia, according to a spokesperson. Customs didn’t provide any information on the importer of the gold for legal reasons.

Russian gold has become taboo in the West following the country’s invasion of Ukraine, even though market authorities have explicitly said bars minted prior to the war can still trade. Swiss refiners — which dominate the industry — can still legally import gold from Russia, according to the customs administration, though most have said they won’t.

“All bars produced by Russian refineries after March 7, 2022, may no longer be traded in Switzerland,” according to the statement. “Bars produced by Russian refineries before March 7, 2022, can continue to be traded.”

(By Eddie Spence)

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