Russia exports gold to Switzerland for the first time since the war in Ukraine began as some buyers soften on self-sanctioning

The self-sanctioning of some buyers may be easing after Switzerland imported gold from Russia.

According to the Swiss Federal Customs Administration, over three tons of gold arrived in Switzerland in May. Russian gold was imported for the first time in February.

Most buyers stopped buying gold from Russia when the London Bullion Market Association removed the country from its accreditation list.

There was a ban on Russian gold from the London market, but no sanctions have been put in place that would prevent Russian gold from being processed in other nations.

Most of the gold that Switzerland imported last month was registered for refining or other processing by the country.

Other buyers are hesitant to purchase Russian metals. Since the beginning of the year, Switzerland has imported palladium from Russia.

Russia continues to be a commodities provider despite sanctions imposed by the West.