Russian gold exports to Switzerland point to a stealth buyer as the country's top refiners say they didn't import any

• A trade group representing top Swiss refiners said they did not import any Russian gold, according to Bloomberg.
• In May, over three tons of gold was shipped from Russia to Switzerland, which was almost entirely marked for refining.

A trade group representing top Swiss refiners said they did not import any Russian gold last month, raising questions as to who actually bought the goods.

In May, over three tons of gold was shipped from Russia to Switzerland, which was almost entirely marked for refining, per the Swiss Federal Customs Administration.

This marked the first imports of Russian gold for Switzerland since the war began. There are no official sanctions on Russian gold in Europe, though many buyers had self-sanctioned to distance themselves from Moscow amid war.

But now it is unclear where the gold went, or what party had it imported.

"After contacting its members, the ASFCMP confirms that none of its members are responsible for these imports," the Swiss Association of Manufacturers and Traders of Precious Metals said in a statement obtained by Bloomberg on Thursday. "Although Swiss legislation and sanctions do not prohibit the import of Russian gold into Switzerland, the ASFCMP would like to reiterate that dubious gold has no place in Switzerland."

Switzerland is a major import and export hub for precious metals, and shipments frequently flow through the country's free-trade zones on their way to other destinations, meaning that it may not always be clear who is behind a particular transaction.

Buying gold became taboo for Switzerland's top refiners once Moscow launched its invasion on Ukraine.

Switzerland, which holds four major gold refiners, had previously stopped importing gold from Russia when the London Bullion Market Association removed the country from its accredited list.

That signaled a de facto ban on Russian gold, though buyers also remain hesitant to import other Russian metals, like palladium. The Swiss, however, have continued to import palladium from Russia since April.