The volume of trade between Switzerland and Russia has increased since the start of the Ukraine war, despite Swiss sanctions, according to official figures.
The Tages Anzeiger newspaper has crunched the numbers from the Swiss customs authorities and finds exports have increased 19% while imports have risen 54% since the war began.
Exports are dominated by pharmaceutical products, the newspaper reports, with some trade likely catching up from logjams created by the pandemic.
More
More
Swiss gold imports come under scrutiny as G7 targets Russia
This content was published on
A spike in Switzerland’s gold imports from Russia is under scrutiny as the leaders of G7 nations gear up to introduce a ban on the precious metal.
But the sizeable increase in imports is dominated by gold, which is subject to specific Swiss sanctions.
In August, Switzerland, which is a major global hub for processing gold, adopted European Union sanctions prohibiting the trade of Russian gold and gold products.
But this appears to be having little impact on Russian gold imports. In November, 6.4 tons of gold worth CHF344 million ($370 million) arrived from Russia, but the identity of the buyer is unclear.
The Swiss Association of Precious Metal Manufacturers and Dealers says its members do not touch Russian gold while the Russian embassy to Bern declined to comment to the Tages Anzeiger.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
It is believed that much Russian gold enters Switzerland via third countries, such as Dubai, which makes it harder to police.
The newspaper also highlighted figures from the Observatory of Economic Complexity that shows trade increasing between Russia and multiple countries since the war began.
Besides China, India and Turkey, trade also increased with Belgium, which is a major diamond trading hub, according to these statistics.
More
More
The shady origins of gold refined in Switzerland
This content was published on
Most of the gold in the world passes through Switzerland. This is a business worth CHF70-CHF90 billion depending on the year.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
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
Switzerland takes over EU sanctions on Russian gold
This content was published on
Switzerland, a major gold-refining hub, has followed the EU in banning Russian gold as part of new sanctions due to the war in Ukraine.
Swiss note another slight rise in frozen Russian funds
This content was published on
Since the invasion of Ukraine in February and the start of sanctions, Switzerland has frozen some CHF7.5 billion ($7.9 billion) in Russian assets.
Swiss gold imports come under scrutiny as G7 targets Russia
This content was published on
A spike in Switzerland’s gold imports from Russia is under scrutiny as the leaders of G7 nations gear up to introduce a ban on the precious metal.
This content was published on
Most of the gold in the world passes through Switzerland. This is a business worth CHF70-CHF90 billion depending on the year.
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.