Bloomberg: Open Mineral's office searched in Switzerland over Russian gold trading

The Swiss authorities conducted a search of the office of Open Mineral AG in the canton of Zug as part of investigation of possible violation of sanctions related to the trade in Russian gold. About this writes Bloomberg, citing informed sources.

The investigation concerns alleged violations of sanctions imposed on Russia after its full-scale invasion of Ukraine.

The Swiss State Secretariat for Economic Affairs (SECO) confirmed that the search was conducted jointly with the local police as part of administrative criminal proceedings against two individuals.

The company said that the authorities visited its office last week in connection with the inspection of the 2022 deals, but emphasized that its activities are conducted in accordance with the law.

According to Bloomberg, in 2022, Open Mineral bought tens of millions of dollars worth of Russian gold through a subsidiary in Abu Dhabi. At the time, the company explained that the transactions were legal because they were carried out not in Switzerland but in the UAE.

The company said that it was cooperating with the Swiss authorities and that its business was continuing to operate as usual.

• The centerpiece of the seventh EU sanctions package adopted in July was a ban on any transactions with gold if it comes from Russia.
• In early August 2023 Switzerland imposes an embargo for Russian gold, Japan banned its imports a month earlier and Britain and the United States in June.