After the outbreak of the Ukrainian crisis, the West imposed sanctions on Russian gold. However, bullion from Russia, which is classified as produced before March 7, 2022, can still be sold. Swiss refinagers can still legally import such gold, though most have said they will not.
Last month, gold from the UK, registered as produced in Russia, arrived in the country, according to the Swiss Federal Customs Administration. For legal reasons, customs did not provide any information about the gold importer. More than 3 tons of gold worth about $200 million were imported. The Association of Swiss Gold Processors said its members had not imported precious metal.
Sanctions - sanctions, and no one canceled the benefit.