A search was conducted at the office of a trader suspected of trading gold from Russia.

Last week, Swiss authorities raided the office of Open Mineral AG, a trader in the canton of Zug. Investigators are looking into possible sanctions violations related to Russian gold trading.

Swiss authorities have raided the office of metals trader Open Mineral AG as part of an investigation into possible sanctions violations and the trading of Russian gold, according to reports.BLOOMBERG citing sources.

According to the agency's sources, searches were conducted last week in the canton of Zug with the participation of employees of the Swiss State Secretariat for Economic Affairs (SECO) and local police. SECO confirmed the search, specifying that two individuals, whose names have not been disclosed, are at the center of the administrative criminal proceedings.

Following the outbreak of hostilities in Ukraine , Switzerland , the United States , the United Kingdom , the European Union , Canada , and Japan imposed a ban on the purchase of Russian gold. Violating these sanctions in Switzerland can be classified as an administrative offense. Under the country's laws, investigations are conducted without formal charges or trial, unlike criminal proceedings, Bloomberg notes.

An Open Mineral representative told the agency that "authorities did indeed visit the office last week as part of an investigation into trading activities dating back to 2022." He emphasized that the company's activities "are carried out in accordance with applicable laws and regulations," and that Open Mineral is fully cooperating with the investigation.

Open Mineral AG was founded in 2017 by a group of former Glencore executives with the support of the Abu Dhabi-based investment fund Mubadala Investment Co. The company specializes in metals and technology trading. In April 2023, the Financial Times reported that Open Mineral AG imported $44 million worth of Russian gold in six shipments to the UAE over six months. The company also insisted on the legality of the transactions, claiming they were conducted within UAE jurisdiction and did not violate Swiss law.

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