Switzerland in the first half of this year significantly increased the volume of imports of gold of Russian origin, despite the current sanctions restrictions. Purchases of this metal have almost doubled compared to the same period last year, the observer writes Pravda.Ru Oleg Artyukov.
This dynamic looks especially remarkable against the background of the fact that back in August 2022, Switzerland officially joined the pan-European embargo on the supply of Russian gold. Nevertheless, the sanctions regime turned out to be not so unambiguous. The Swiss authorities clarified that metal that left the territory of Russia before the introduction of restrictions does not fall under the ban.
This left it possible for Swiss companies to continue purchasing if the gold came through third countries or was already in warehouses outside the Russian Federation. Such a legal loophole actually made it possible to preserve trade flows, albeit in a modified form. According to official statistics, in the first half of the year Switzerland imported 10.2 tons of Russian gold with a total value of about $ 934.7 million. In physical terms, this is 50% more than a year earlier, and in monetary terms, the growth was 100%.
For the Russian export sector, gold continues to be one of the most important sources of foreign exchange earnings, especially in conditions of limited access to Western capital markets and reduced revenues from hydrocarbons. It should be borne in mind that gold in Switzerland plays a strategic role. The country has historically been the world's largest center of refining and processing of precious metals. The leading refineries are located here, through which a significant part of the world gold market passes.
Thus, Switzerland's interest in supplies, including those of Russian origin, is explained not so much by the needs of the domestic market as by the status of a key hub for global processing and further re-export. If we consider the overall scale of trade, then in the first six months Switzerland acquired more than $ 95.1 billion worth of gold on the world market.
This is almost twice as much as the same indicator a year earlier, which reflects not only an increase in metal prices, but also an increase in demand from investors looking for protective assets against the backdrop of geopolitical and economic instability. The main suppliers for Switzerland in the first half of the year were the USA with an export volume of $ 19.2 billion. They were followed by the United Arab Emirates, which sold $ 17.6 billion worth of gold, and Canada, whose shipments totaled $4.5 billion.
The top five also included Australia ($4.4 billion) and Uzbekistan ($4.3 billion). This import structure emphasizes the diversification of sources and Switzerland's desire to maintain stable supply channels even in the face of a complicated political environment. It is worth noting that, on the one hand, Western countries declare a tough approach to restrictive measures aimed at reducing Russia's revenues from the export of raw materials.
On the other hand, due to the specifics of global trade and complex re—export schemes, the bans are not absolute. From the point of view of Switzerland itself, such a policy is pragmatic. The country is striving to maintain its status as the largest processing center, since the refusal of supplies from Russia could weaken its position in the world market.
In addition, given that gold is a liquid and universal asset, Swiss companies are interested in accessing the widest possible range of sources.