Switzerland significantly increased its imports of Russian-origin gold in the first half of this year, despite the ongoing sanctions regime. According to UN Comtrade data cited by RIA Novosti, Swiss purchases of the precious metal almost doubled compared to the same period last year. The rise is striking given that in August 2022 Switzerland formally joined the European embargo on Russian gold. However, the sanctions included exceptions: gold that had left Russia before the restrictions came into effect was not subject to the ban. This legal loophole allowed Swiss companies to continue imports via third countries or from stocks already stored abroad, keeping trade flows alive in an altered form. In the first six months of the year, Switzerland imported 10.2 tonnes of Russian gold worth around $934.7 million. In physical terms, this marked a 50 percent increase year-on-year, while the value doubled, reflecting both higher prices and increased demand.