Switzerland, which includes several smelters, has banned the import of the precious metal into Russia, the government said.

The Federal Council (which acts as the government in Switzerland) followed the example of the European Union, which on July 21 imposed a ban on gold imports from Russia, among the sanctions imposed on Moscow after the war in Ukraine.

The Federal Council said in a statement that the ban went into effect Wednesday at 6 p.m. local time.

Under these new sanctions, Switzerland prohibits “the purchase, import or transfer of gold and its products in Russia,” the Federal Council said in a statement.

Switzerland is known for its neutral stance, but it violated its usual neutrality in the first days after the start of the war in Ukraine, following in the footsteps of the European Union with the imposition of sanctions. His stance on the ban on gold imports was the subject of hot expectations.

According to Bloomberg, three tons of Russian-origin gold was imported from the UK in May without the possibility of verifying the company that delivered the goods to Switzerland.

In light of the uncertainty surrounding these imports, the Swiss Association of Manufacturers and Traders of Precious Metals has contacted its members and confirmed that none of them is responsible for these imports.

Swiss customs said it was looking into these imports in light of the sanctions, emphasizing that the import of gold from Russia is not banned.

Customs indicated that the sanctions affected gold exports, not imports.

The fourth round of sanctions, imposed by the European Union on March 15, included a ban on the sale, supply, transfer or export to Russia of luxury goods, including gold, silver, pearls and diamonds.

But on July 21, the European Union added a ban on the import of gold from Russia, including in the form of powder, flakes or pieces.

There are several gold refineries or bullion smelters in Switzerland. According to the relevant association, this sector provides 1,500 direct jobs.