The move was expected to be announced this weekend. According to Bloomberg, this includes the most important steps but not the whole deal.
This is the next hurdle in a series of attempts to filter revenue sources for President Putin and his Russian warship in Ukraine.
From Tuesday, under this agreement, the United States will no longer allow gold from Russia or Russian sources. Other G7 countries will announce similar agreements.
Another gold consignment from Russia arrived in Switzerland from the UK last week. Of that, three tonnes of gold is worth $ 200 million, according to Swiss Customs.
Switzerland has four major smelters, which account for three-quarters of the world’s gold bullion production. A certification from Smelters is the international standard for quality and appearance.
Gold from Russia has been banned from European trade for the past few months. A lot of gold is smelted in Switzerland. If Russian gold is delivered before March 7, the smelters are still allowed to import. Gold companies argued that this was not allowed.
Still, according to Swiss customs, three tonnes of gold entered the country for processing in May. This is the first export since February. However, in March, the Swiss refused to accept another Russian gold.
“After March 7, all gold bullion produced by Russian smelters will no longer be traded in Switzerland,” they jointly declared. If traders have evidence that the gold was mined or processed before March 7, Swiss smelters will be allowed to process it in their kilns.
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