Commodities
Home›Commodities›Precious Metals›Switzerland bans Sudanese gold purchases to cut war fi…
Switzerland bans Sudanese gold purchases to cut war financing
The Swiss rules also restrict sales and supply of some mining chemicals, aligning the country with new EU steps aimed at the gold trade linked to Sudan’s conflict.
Switzerland has begun banning purchases, imports, and transit of gold originating in Sudan, alongside related services and financial assistance, in a bid to reduce one source of financing for the country’s three-year war.
The Swiss measures also restrict the sale and supply of certain goods used to extract gold, including chemicals, and the government said it remains “extremely concerned” about Sudan’s “dire humanitarian situation” as fighting continues between the Sudanese Armed Forces and the Rapid Support Forces.
The steps bring Switzerland in line with European Union measures adopted July 13 that target gold trade routes described as part of Sudan’s “war economy.” According to the EU, gold has become an important revenue source for both sides of the conflict.
Switzerland said it will incorporate the new restrictions into its existing Ordinance on measures against Sudan, which already implements UN sanctions and has been expanded with EU-aligned steps since 2023. The sanctions framework includes due diligence requirements for imports of gold and other precious metals intended to prevent trade in conflict resources.
Latest closeGold $4,445.30 ▲1.2%