Major European nation buys tons of Russian gold – Bloomberg – RT Business News

Switzerland reportedly made its first bullion purchase from the sanctioned country since February

Switzerland imported gold from Russia in May for the first time since February, Bloomberg reported on Tuesday. According to the article, the move suggests the industry’s stance on Russian precious metals may be softening.

Switzerland shipped more than 3 tonnes of gold from Russia last month, Bloomberg reported, citing data from the Swiss Federal Customs Administration. The purchase represents about 2% of Swiss bullion imports in May. The country is a key refining center handling two-thirds of the world’s gold.

After the start of Moscow’s military operation in Ukraine and the deployment of international sanctions, the London Bullion Market Association suspended all Russian gold and silver refineries from its list of approved suppliers. This decision was seen by the industry as a de facto ban and most refiners refused to accept new gold from Russia.

It comes as the precious metal has been flagged as a possible new target for sanctions against Moscow. According to a Reuters report on Tuesday, European leaders want to keep the pressure on Russia as they meet for a summit this week.

It is not clear whether Switzerland, which is not part of the EU, will comply with the possible ban on Russian gold.

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