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Swiss Gold Refiners Say They Didn’t Import Mystery Russian Metal

  • Industry association says members didn’t buy the bullion
  • Swiss customs data show 3 tons of Russian gold shipped in May
A worker handles gold ingots at a plant in Kasimov, Russia.

A worker handles gold ingots at a plant in Kasimov, Russia.

Photographer: Andrey Rudakov/Bloomberg

The industry association for Switzerland’s gold refiners said its members didn’t import gold from Russia last month, raising questions about who bought the country’s precious metals.

Over 3 tons of gold -- worth about $200 million -- was shipped from Russia to Switzerland in May, almost all of which was marked as being for refining, according to data from the Swiss Federal Customs Administration. It was the first recorded shipment between the countries since February, when the war in Ukraine began.