Shipments of Russian gold appear to have increased since the start of the Ukraine war.
Keystone / Martin Ruetschi
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.
Justice minister warns over Swiss parliament protest against climate ruling
This content was published on
Justice Minister Beat Jans says a possible declaration by the Swiss parliament against the European Court of Human Right (ECHR’s) recent landmark climate ruling against Switzerland could be problematic.
This content was published on
Talks aimed at reaching a global agreement on how to better fight pandemics will be concluded by 2025 or earlier if possible, the Geneva-based World Health Organization (WHO) said on Saturday.
This content was published on
Switzerland supports a new peace proposal pushed by US President Joe Biden for a hostage agreement and a ceasefire in Gaza.
Parts of Switzerland and Germany waterlogged as heavy rains continue
This content was published on
Heavy rains continue to affect eastern Switzerland and the centre of the country. Flooding, landslides and damage to infrastructure have been reported. Further rains are forecast on Sunday.
Study: high pollen concentrations increase blood pressure
This content was published on
A high concentration of pollen can increase blood pressure in allergy sufferers, according to a Swiss study. The effect is much more pronounced in women and people who are overweight.
New asylum regulations come into effect in Switzerland
This content was published on
Several asylum-related changes come into effect in Switzerland on June 1 aimed at improving the employment and housing situations of refugees.
Swiss unions call for CHF5,000 monthly salary for qualified apprentices
This content was published on
All workers who have completed an apprenticeship should earn at least CHF5,000 per month, the Swiss Trade Union Federation said on Friday.
Flooding risks in parts of Switzerland and Germany after heavy rains
This content was published on
There is a significant risk of flooding on the River Rhine from Lake Constance to Basel and on the Thur River in canton Thurgau in eastern Switzerland.
Switzerland to intensify border checks during sporting events
This content was published on
In the context of events including the European Football Championships and the summer Olympics, border security will be increased.
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.