Switzerland has banned “buying, importing or transporting gold and gold products from Russia”, IDEX Online reports.
Switzerland, which refines as much as 70% of the world’s total gold output, is known for its neutral stance in international affairs. However, it has followed the EU lead in imposing earlier sanctions on Russia after it invaded Ukraine.
In June the G7 nations – Canada, France, Germany, Italy, Japan, the US and the UK – decided to ban imports of newly mined or refined gold from Russia.
According to the WGC (World Gold Council), demand for gold is down 8% year-on-year. Russia produces around 10% of the world’s gold.
