Switzerland has banned the importation of gold and other metals from Russia over the war with Ukraine. The government has outlawed the buying, importing or transporting gold and gold products from Russia in line with the European Union's latest measures on gold and gold products .What took so long?
President Joseph R.Biden, along with the other members of the Group of Seven (G-7), has announced a collective ban on the import of Russian gold at the 48th annual G-7 summit in Schloss Elmau, Germany. Russia is generally considered the world's second largest gold producer. The U.S. Treasury has prohibited the import of Russian Federation-origin gold into the United States with immediate effect, unless licensed or otherwise by the Office of Foreign Assets Control (OFAC).
Verify sources of gold. Contact refiners and suppliers to communicate that a double-check of their sources of gold is expected. China, India, and the U.A.E are key jewelry producing and trading countries and it is important to let suppliers in these regions know that gold sources are expected to be well-documented and not purchased from Russian origin to evade sanctions and fund its ongoing invasion of Ukraine.
