Swiss purchases of Russian gold came to a halt in March, shortly after Russia invaded Ukraine. But to the surprise of gold experts in Switzerland nearly three tonnes of Russian gold reached the Alpine nation in May via the United Kingdom. The delivery – worth over CHF190 million ($198 million) – was first flagged by Bloomberg news agency. The Federal Office for Customs and Border Security confirmed on June 24 that it was examining the imports concerned.

“The import of gold from Russia into Switzerland is not prohibited by the Ordinance on Measures Relating to the Situation in Ukraine,” it said. “However, the export of gold to Russia is prohibited by the existing sanctions regime.”

In the same statement it noted: “All bullion produced by Russian refineries since March 7, 2022, may no longer be traded in Switzerland. However, bullion produced by Russian refineries before March 7, 2022, may in principle continue to be traded.”

Almost all the gold that reached Switzerland in May was registered by customs as being for refining or other processing, raising the possibility that it ended up at a Swiss gold refinery or foundry. But the Swiss Association of Manufacturers and Traders in Precious Metals maintains that none of its members are at the origin of these imports.

“None of our members has received this gold,” says Christoph Wild, head of the association and former CEO of Argor-Heraeus in canton Ticino. “If a Swiss refiner had bought this gold, they would have to pay somehow. How could they do it, knowing that most Russian banks, are sanctioned, so there’s no money flow possible [to Russia],” he said.

“Personally, I believe it is in a deposit in the Gotthard area or wherever,” he says referencing a region in Switzerland famed for its high security vaults. “It may have been brought to Switzerland by some very wealthy importer and now it is probably stored in our country. For the time being, it remains a mystery.”

“It is very difficult to know who is behind this trade deal,” says Marc Ummel, head of the raw materials unit at campaigning NGO Swissaid, noting that given the quantity of gold involved, smaller players struck him as a less likely scenario. Swiss customs, so far, has declined to shed light on the issue, saying “no information on gold importers can be provide for legal reasons.”

Beyond the identity of the buyer, the origin of the bars also raises questions. The gold of the Russian Central Bank is under sanctions, including in Switzerland. Brussels and Bern do not want Moscow to sell its gold bars to finance the war. Specialists say there is a risk that the Russian Central Bank is behind the May sale.

Ukrainian forces were able to strike an arms depot well within Moscow-controlled territory in the Luhansk region, with Russian-backed separatist forces in Luhansk saying Kyiv used the US-donated HIMARS Multiple Launch Rocket System (MLRS) to do it.

Boris Johnson has claimed that Vladimir Putin would not have invaded Ukraine if he was a woman and believes that the war is a “perfect example of toxic masculinity”.

Mapping the Migration of the World’s Millionaires

Throughout 2022, a projected 88,000 millionaires will move to a new country, according to the latest Henley Global Citizens Report.

Which countries are these millionaires moving to, and where in the world are they coming from?

There are a plethora of reasons why the ultra-rich move countries. Escaping conflict is one of them, which is why it’s no surprise to see Russia and Ukraine are projected to see some of the biggest emigration numbers by the end of 2022.