NGO fears Dubai gold imports evading Russia sanctions
Switzerland has recorded a significant increase in gold imports from the United Arab Emirates since the introduction of sanctions against Russia. NGO Swissaid calls for more transparency to determine whether this gold is coming from Russia.
This content was published on
3 minutes
Keystone-SDA/jdp
Português
pt
Ouro importado de Dubai tenta burlar sanções contra Rússia, diz ONG suíça
Swiss gold refineries, which are responsible for refining around 70% of the world’s gold, have stopped importing gold directly from Russia since sanctions were introduced at the end of February.
In March, the Federal Office of Customs and Border Protection recorded 36 tonnes of gold imports amounting to CHF2.1 billion from the UAE. This is more in one month than at any time in the last six years.
Swissaid says that this raises questions about whether Russian gold is entering Switzerland via Dubai, and therefore, circumventing sanctions. China and Dubai are among the most important export destinations for gold from Russia, which is the second largest producer of gold.
More
More
Podcast series: Good as gold?
This content was published on
Switzerland is the world’s leading gold refiner, but how transparent is the supply chain?
“Switzerland and refineries have a duty to do everything possible to ensure that Switzerland does not become an escape route for Russian gold transiting through Dubai,” says Marc Ummel, who leads raw materials at Swissaid.
Transparency push
Dubai has become a key trading hub for gold over the last several years. Last July, an investigation by Swissaid revealed that gold originating in conflict regions in Africa have been entering the gold supply chain via Dubai despite laws and voluntary commitments to clean up gold supply chains. According to the report, the gold is processed by Emirati companies that don’t have direct ties with Swiss refiners, making it impossible to trace the metal’s origin and ensure that it is extracted under conditions that are respectful of human rights and the environment.
More
More
Why Switzerland struggles with dirty gold
This content was published on
With gold prices the highest they’ve been in nearly a decade, the quest for the precious metal is heating up in a remote area of Peru where mining and criminal activities overlap.
Switzerland, the world’s hub for gold refining, is watching closely.
Switzerland is the headquarters of four of the seven largest refineries in the world. Swissaid reached out to five Swiss refineries to inquire about their imports from the UAE. Only Valcambi indicated that it had imported gold from the UAE in March 2022. The others said they didn’t. Some Swiss refineries have refused to import any gold from Dubai because it can’t verify its origins.
Swissaid argues that the war in Ukraine and the challenges of monitoring sanctions against Russian gold producers highlight the need for more transparency in the supply chain. Last autumn, the Swiss government asked refineries to strengthen audits to identify the true country of origin for all gold coming from the UAE. However, the NGO has called for stricter laws and better enforcement on gold origins.
In March, Switzerland’s Federal Administrative Court sided with refiners when it rejected a request from the NGO, Society for Threatened Peoples, that would have required refiners to disclose gold origins.
More
More
From Nazis to refineries: How Switzerland has handled the world’s gold
This content was published on
A new book exposes the dark history of gold laundering in Switzerland and the modern challenge of cleaning up a lucrative industry.
Switzerland to introduce flight passenger database
This content was published on
Switzerland plans to introduce a flight passenger database to collect and process personal data in a bid to combat terrorism and serious crime.
Government plans to invest over CHF16bn in Swiss rail network
This content was published on
The federal government intends to invest CHF16.4 billion ($18.1 billion) in railway infrastructure between 2025 and 2028, CHF2 billion more than for the current period.
Swiss to vote on pension reform and biodiversity in September
This content was published on
Swiss citizens will vote on occupational pension schemes and a biodiversity initiative on September 22, the Federal Council announced on Wednesday.
Ukraine peace talks: 50 countries have confirmed participation
This content was published on
To date, 50 countries out 160 invited delegations have confirmed they will attend the Ukraine peace conference, held in central Switzerland in mid-June, according to Swiss public radio, RTS.
Federer-backed On boosts forecast after sneaker demand rises
This content was published on
Swiss footwear company On Holding AG posted strong first-quarter revenue, boosted by demand for its running shoes and new line of training apparel.
Michael Schumacher’s watches fetch CHF4 million at Swiss auction
This content was published on
Watches belonging to Formula 1 great Michael Schumacher sold for around CHF4 million ($4.41 million) at auction house Christie's in Geneva on Tuesday.
Macron will attend Swiss summit on Ukraine, says Zelensky
This content was published on
French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Why Switzerland struggles with dirty gold
This content was published on
With gold prices the highest they’ve been in nearly a decade, the quest for the precious metal is heating up in a remote area of Peru where mining and criminal activities overlap.
Switzerland, the world's hub for gold refining, is watching closely.
NGOs warn conflict gold can reach Swiss refiners via Dubai
This content was published on
Swiss refiners are under scrutiny due to the high risk of African conflict gold entering their supply chain via the United Arab Emirates.
Swiss refiner breaks industry silence on sourcing gold from risky areas
This content was published on
PX Precinox CEO Philippe Chave defends his firm’s record in Peru and explains how it is making sure all gold imported to Switzerland is ‘clean’.
Swiss court rules against gold trade transparency: NGO
This content was published on
A Swiss court ruled in favor of trade secrecy for gold refiners despite concerns dirty gold is finding its way to Switzerland.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.