Switzerland investigates trade in sanctioned russian gold

This was reported by Ghall.com.ua with reference to Swissinfo.

‘The investigation into the activities of the company, registered in the city of Bar (canton of Zug), was initiated by the State Secretariat for Economic Affairs (SECO), which oversees, in particular, sanctions policy,’ the report said.

The investigation concerns possible trade transactions involving russian gold in circumvention of sanctions imposed after russia's military invasion of Ukraine.

Open Mineral confirmed to the AWP agency that it is the subject of an investigation. The company reported that searches were conducted at its premises last week as part of an investigation into transactions in 2022.

Management emphasised that the company is fully cooperating with the investigating authorities and continues to operate as usual.

SECO specified that the case is being brought against two individuals and a number of unidentified persons. The investigation focuses on possible violations of sanctions legislation against Moscow.

Open Mineral opened an office in Switzerland in 2016 and has been actively operating since 2017. Today, the company has offices in 11 cities around the world and operates in more than 50 countries.

Switzerland remains one of the world's largest centres for trading gold and other commodities, the statement said.

Source: Economic Pravda