Switzerland banned imports of Russian gold and gold products on Wednesday, following similar measures by the European Union and the United States.
The Federal Council, the seven-member executive board of the Swiss government, said in a statement that the gold ban was in line with the most recent European Union sanctions against Russia in response to the invasion of Ukraine, and that Switzerland “is the most urgent implemented measures in terms of time and content.”
The council added that it had frozen the assets of Russia’s state-owned bank Sberbank after it imposed sanctions on dozens of other individuals and organizations on the European Union’s sanctions list last month.
“Switzerland’s list of sanctioned persons and entities related to the situation in Ukraine is thus fully consistent with that of the EU,” the council said.
Agricultural products and oil stocks remain exempt from sanctions, the statement said, which attributes the decision to the global food and energy crisis.
The country is a leader in the gold refining market, according to a 2018 report by the World Wildlife Fund’s watch and jewelry industry, with 60 to 70 percent of the world’s gold going through Switzerland to be refined. The precious metal is a commonly used material in Swiss luxury watches.
The European Union banned imports from Russia of newly minted and refined gold in July, following similar announcements by the United States, Britain and other Group of 7 countries in June.
Officials have described the gold sanctions as a new strategy to isolate Russia from the international financial system, with Ukraine’s allies already banning most trade with Russia.