Swiss Ban Cuts Sudan Off From Key European Gold Market

Switzerland has officially banned the import of gold from Sudan, a decision that brings the country into alignment with recent European Union sanctions. The measures, which took effect on September 10, prohibit the direct import of Sudanese gold as well as its transit through third countries. According to reports from GN auto geopolitics/africa: Sudan conflict, this restriction targets an industry estimated to be worth between CHF9.2 billion and CHF10.3 billion annually, placing substantial pressure on one of Africa’s most significant sources of export revenue.

The decision by the Swiss Federal Council and the State Secretariat for Economic Affairs (SECO) extends beyond physical shipments to include related financial and support services. This comprehensive approach aims to sever the indirect trade routes that have historically allowed Sudanese gold to enter European markets via intermediaries. The timing is critical, as both sides of the ongoing conflict in Sudan have been accused of relying on gold trade to finance their military operations, making the loss of this market a significant economic blow.

Sudan’s Significant Gold Output

Sudan stands as Africa’s fifth-largest gold producer, trailing only Ghana, South Africa, Burkina Faso, and Mali. Estimates for 2025 production vary, with the World Gold Council and Metals Focus citing approximately 74.6 tonnes, while SWISSAID estimates the figure to be between 80 and 90 tonnes. However, a notable discrepancy exists between these production estimates and official export declarations. The Sudanese armed forces reported producing 70 tonnes in 2025, yet only 14.7 tonnes were officially declared as exports, highlighting the opacity of the trade.

Informal Routes and Regional Hubs

Much of Sudan’s gold leaves the country through informal channels rather than official state-controlled exports. The United Arab Emirates has emerged as the dominant gateway for this trade, with SWISSAID data indicating that the UAE imported 29 tonnes directly from Sudan in 2024, a significant increase from 17 tonnes in 2023. Additional quantities are believed to be routed through neighboring countries such as Egypt, Chad, and Libya. This complex network of intermediaries has made it difficult for regulators to track the ultimate origin of the metal once it enters international supply chains.

Historical Links and Future Scrutiny

The exposure of European markets to this trade is not new. An investigation by Global Witness found that Dubai-based Kaloti acquired Sudanese gold linked to conflict areas from the Central Bank of Sudan between 2012 and 2019. Swiss refiner Valcambi subsequently sourced significant quantities from Kaloti, including around 20 tonnes in 2018 and 2019. As the new Swiss ban takes hold, observers are now watching for tighter checks on UAE gold shipments and greater disclosure of the metal’s country of origin to prevent Sudanese gold from re-entering Western markets through indirect means.