Major European nation buys tons of Russian gold – Bloomberg

Must read

Morgan Stanley slashes its U.S. housing market outlook—where it sees the home price correction going in 2023

On a national basis, home prices fell 1.3% between June and August. That marked the first decline measured by the lagged Case-Shiller National Home...

When will Netflix shutter its DVD mail service? It’s a matter of when, not if.

Netflix’s trailblazing DVD-by-mail rental service has been relegated as a relic in the age of video streaming, but there is still a steady —...

Europeans furious about Joe Biden’s Inflation Reduction Act are threatening a trade spat: ‘Nobody wants to get into a tit-for-tat’

The European Union and the United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western giants...

New Jersey could kill up to 2.4 million trees in one of the state’s environmental treasures—but officials say they’re just scrawny shrubs

Up to 2.4 million trees would be cut down as part of a project to prevent major wildfires in a federally protected New Jersey...

Switzerland reportedly makes first bullion purchase from the sanctioned country since February

Switzerland imported gold from Russia in May for the first time since February, Bloomberg reported on Tuesday. According to the article, the move suggests that the industry’s stance toward Russian precious metals may be softening.

Switzerland shipped more than 3 tons of gold from Russia last month, Bloomberg cited data from the Swiss Federal Customs Administration. The purchase represents about 2% of Swiss bullion imports in May. The country is a key refining hub that handles two-thirds of the world’s gold.

Following the start of Moscow’s military operation in Ukraine and the rollout of international sanctions, the London Bullion Market Association suspended all Russian gold and silver refineries from its list of approved suppliers. The move was viewed by the industry as a de facto ban and most refiners refused to accept new gold from Russia.

This comes as the precious metal has been flagged as a possible new target for sanctions against Moscow. According to a Reuters report on Tuesday, EU leaders want to keep up pressure on Russia as they gather for a summit this week.

It is not clear if Switzerland, which is not part of the EU, will comply with the possible ban on Russian gold.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Morgan Stanley slashes its U.S. housing market outlook—where it sees the home price correction going in 2023

On a national basis, home prices fell 1.3% between June and August. That marked the first decline measured by the lagged Case-Shiller National Home...

When will Netflix shutter its DVD mail service? It’s a matter of when, not if.

Netflix’s trailblazing DVD-by-mail rental service has been relegated as a relic in the age of video streaming, but there is still a steady —...

Europeans furious about Joe Biden’s Inflation Reduction Act are threatening a trade spat: ‘Nobody wants to get into a tit-for-tat’

The European Union and the United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western giants...

New Jersey could kill up to 2.4 million trees in one of the state’s environmental treasures—but officials say they’re just scrawny shrubs

Up to 2.4 million trees would be cut down as part of a project to prevent major wildfires in a federally protected New Jersey...

Finland to return sanctioned Russian property

Several hundred Russian...