The fact is that 70% of the world's gold is processed at refineries in Switzerland. Since the end of February this year, gold is no longer imported directly from Russia. However, in March, the Swiss Federal Customs and Border Protection recorded a notable increase in UAE gold imports of 36 tons worth CHF 2.1 billion. This data shows an astonishing increase compared to other months over the past six years.
SWISSAID fears that Russian gold enters Switzerland via Dubai: "The Confederation and the refineries must do everything possible to ensure that Switzerland does not become a backdoor for Russian gold from Dubai," says Marc Ummel, who is responsible for the commodities dossier at SWISSAID.
When asked by SWISSAID, refineries MKS PAMP, Metalor, Argor Heraeus and PX Précinox responded that they did not import gold from the UAE in March 2022. Industry leader Valcambi said it imported gold from the UAE in March. However, it complied with all the adopted sanctions and was guided by the basic principles of work.
On its website, SWISSAID stated the following: “Swiss refineries should be required to declare the actual origin of gold sold through intermediaries. Switzerland must be consistent: it cannot, on the one hand, enforce international sanctions against Russia, and, on the other hand, turn a blind eye to the origin of imported gold. Refineries continue to take risks by supplying gold of dubious origin from the UAE, which also trades in conflict gold.”