Switzerland reportedly makes first bullion purchase from the sanctioned country since February © Getty Images / Andrey Rudakov

Switzerland imported gold from Russia in May for the first time since February, Bloomberg reported on Tuesday. According to the article, the move suggests that the industry’s stance toward Russian precious metals may be softening.

Switzerland shipped more than 3 tons of gold from Russia last month, Bloomberg cited data from the Swiss Federal Customs Administration. The purchase represents about 2% of Swiss bullion imports in May. The country is a key refining hub that handles two-thirds of the world’s gold.

Following the start of Moscow’s military operation in Ukraine and the rollout of international sanctions, the London Bullion Market Association suspended all Russian gold and silver refineries from its list of approved suppliers. The move was viewed by the industry as a de facto ban and most refiners refused to accept new gold from Russia. (RT)