According to allegations by NGOs and market rumours, a large proportion of Russian gold exports are to be diverted to Switzerland via Dubai.
(Photo: Bloomberg/Getty Images)
Zurich A dispute between industry and the authorities at one of the most important hubs for the global gold wholesale trade is causing a stir. The world’s largest gold refinery Valcambi wants to ignore a ban imposed by Swiss customs and continue to process gold from Russia.
In a press release entitled “Legal gold imports from Russia”, Valcambi, one of the three major gold refineries in Switzerland, writes: As a so-called “trade auditor”, Valcambi is allowed to import and process any gold. “This also applies to gold produced by Russian refineries after March 7, 2022.”
The refinery is thus opposing the federal customs authorities. Because on March 7, the London Bullion Market Association (LBMA) had withdrawn the wholesale accreditation from all Russian gold refineries.
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