Russia Exports Gold to Switzerland for First Time Since War in Ukraine

01 July 2022

Key Points

        ·         Switzerland imported Russian gold in May for first time since war in Ukraine began.

        ·         As per reports, over three tons of gold from Russia arrived in Switzerland last month.

        ·         Russian gold export shipments majorly go to the UK, followed by Switzerland.

Russia exported gold to Switzerland in May 2022 for the first time since its invasion of Ukraine. According to the reports, Switzerland imported over three tons of gold from Russia last month for refining or other processing. Switzerland is the world’s biggest refining and transit center for gold and Russia is one of the biggest bullion producers. Switzerland received 3.1 tonnes of gold worth around $200 million from Russia in May, accounting for around 2-3% of its total gold imports. In the first quarter of 2022, Russia exported gold to Switzerland in January and February months, not in March.   

Russia’s Gold Exports to Switzerland by Quarter

Russia’s second-largest export partner of gold is Switzerland. The country received gold shipments worth US$417 million in 2021. Quarter-wise, Russia shipped gold worth US$327 million in Q1 of 2021, that dollar amount declined in Q2 and Q3 and rose in Q3. Due to the ongoing Russia-Ukraine war, Russia’s gold exports to Switzerland were disrupted in March 2022, so shipments were received by Switzerland in Jan and Feb months. Below given chart shows the dollar amount of Russia’s gold exports to Switzerland in Q1 of 2021 to Q1 of 2022.   

Russia’s Gold Exports to Switzerland by Year

By year, Russia reported a substantial decline in gold exports to Switzerland from 2015 in the last ten years’ market trends. According to our database, Russia’s gold exports to Switzerland totaled US$2,154 million in 2012, that dollar amount declined to US$417 million in 2021. The lowest number of shipments was reported at US$133 million in 2019. See visualized data and understand Russia’s gold exports to Switzerland in the last 10 years.

Russia’s Top 10 Export Partners of Gold 2021

Russia’s major export shipments of gold went to the United Kingdom in 2021, followed by Switzerland. According to our database, Russia shipped gold worth US$15,392 million to the UK, accounting for more than 80% of the total value of shipments. Here’s a graphical presentation of Russia’s top 10 export partners of gold with the share in values reported in 2021.  

Western sanctions on Russia have not directly targeted commercial gold shipments but many banks, shippers, and refiners stopped dealing with Russian metal after the conflict in Ukraine began. As gold exports from Russia to Switzerland have started in May that will fulfill the requirements of Switzerland.