Investigations have revealed that Swiss gold refineries have processed a significant volume of Russian-origin gold, which had been routed through London in recent years.
In total, since 2021, over 110 tonnes of gold, valued at more than 6 billion Swiss francs (approximately US$6.6 billion), have been processed by Swiss refineries. Of this, 75 tonnes have been refined in Switzerland alone since the commencement of the full-scale war in March 2022.
Before the full-scale war, Switzerland typically imported an average of 20 tonnes of Russian gold annually. However, in just the first five months of this year, 38 tonnes of gold from Russia were imported into Switzerland via London. Concurrently, Russian gold exports to the UK have also witnessed an increase in recent years.
Experts consulted by the investigative outlets speculate that the surge in gold sales from Russia to Switzerland through Britain may have been a means of preparing for the full-scale war and securing additional income in the face of sanctions.
“If Swiss refineries are now importing and melting this gold, it’s legally unproblematic but ethically very questionable,” explains former criminal law professor and gold trade expert Mark Peet, as refining turns “ethically questionable Russian gold” into gold with a Swiss stamp.
Refineries in Switzerland maintain that there is no correlation between the processing of Russian-origin gold and Russia’s aggressive war in Ukraine. According to them, the gold had been imported to the UK before the invasion of Ukraine and the subsequent imposition of sanctions.
In contrast to the ban on purchasing, importing, or transporting gold from Russia that Switzerland implemented in August 2022, the country’s customs service asserts that all recent imports of Russian-origin gold have adhered to sanctions and legislation.
Previously, there were reports highlighting a surge in pharmaceutical exports from Switzerland to Russia over the past year, despite Switzerland aligning itself with all EU sanctions against Russian aggression.
