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June 23, 2022|Publications et communiqués de presse
The Swiss Association of Manufacturers and Traders of Precious Metals (AFCMP) has become aware of concerns regarding the quantities of gold that appear to have been imported from Russia in May 2022, after the start of the conflict between Russia and Ukraine.
After contacting its members, the ASFCMP confirms that none of its members are responsible for these imports.
Although Swiss legislation and sanctions do not prohibit the import of Russian gold into Switzerland, the ASFCMP would like to reiterate that dubious gold has no place in Switzerland and that it expects its members to act with the utmost caution and to refrain from buying in case of doubt. Therefore, and in this regard, the ASFCMP is convinced that none of the major Swiss refineries have accepted this gold.
The ASFCMP will continue to monitor the development of import statistics.” https://asfcmp.ch/2022/06/23/statement-asfcmp/?lang=en
Why did the UK allow the export of the Russian origin gold to Switzerland? Who owns the gold? Not all oligarchs have been sanctioned. Vladimir Potanin has not been sanctioned. Was Gazprombank sanctioned in May? Does Putin have children in Switzerland?
Will the gold be re-exported or stored in private gold facilities in Switzerland or sold? It cannot be re-exported from Switzerland to Russia. However, it could be sent to Russia via another country.
These questions remain unanswered.
Sanctions could have prevented, or limited, the Russian invasion of Ukraine and have prevented World War II, or limited its duration. However, the sanctions have never been tight enough and there are always countries that are willing to work with evil regimes for their self-protection, or profit, under the guise of neutrality.
Shame on the US and everyone else who still has not sanctioned Russian gold!
Potanin and Norilsk Nickel mine have still not been sanctioned, except by Australia and Canada. They do make gold as a byproduct. Their refiner is listed as JSC Krastsvetmet.
Will Russia origin gold be frozen or seized assets or will the G-7 create a loophole? Gold does have a “fingerprint” which helps to indicate its origins.
“G-7 to Expand Sanctions on Moscow With Ban on Russian Gold
U.S. official says the ban aims to punish Russia for invasion of Ukraine”
By Alex Leary and Hardika Singh Updated June 25, 2022 4:41 pm ET
“The U.S. will join other leading countries in banning Russian gold imports, broadening a sanctions regime against Moscow as an international summit is set to begin Sunday, according to a U.S. official”. https://www.wsj.com/articles/g-7-to-expand-sanctions-on-moscow-with-ban-on-russian-gold-11656188725