GENEVA (UrduPoint News/Sputnik – February 21, 2023) Switzerland imported 5.6 tonnes of Russian-origin gold worth $337 million via the UK in January, despite an embargo on the metal, the Swiss Federal Customs and Border Protection Agency reported .
Switzerland joined a European Union sanctions package against Russia that included a gold ban and came into effect in early August. However, Swiss authorities later clarified that the gold was shipped out of Russia before the ban came into effect on August 4 and was produced by Russian factories before March 7, 2022 and is therefore not covered by the sanctions. This means that Switzerland can continue to import Russian gold via third countries. The document states that all business transactions with Russia comply with these regulations.
The Swiss Customs Agency said in its report that imports from Russia totaled 319 million francs ($344 million) in January, of which 312 million francs went to importing 5,662 kilograms (12,500 pounds) of gold from Russia via the United Kingdom Kingdom accounted for.
According to the report, exports to Russia totaled 282 million francs, of which 247 million francs were chemical and pharmaceutical products.
It’s not the first time Switzerland has imported Russian products after joining Western sanctions. Donatella Del Vecchio, spokeswoman for the Federal Customs and Border Protection Agency, told RIA Novosti that the country imported 5.7 million tons of Russian-origin gold worth around $323 million in August.
According to Swiss Customs, total imports of Russian goods to Switzerland fell by 47.5% compared to 2021, while the country’s exports to Russia fell by just 5.9%.
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