LONDON (Reuters) - Swiss-based metal trader Open Mineral is being investigated by Switzerland's State Secretariat for Economic Affairs (SECO) and Zug police for alleged dealings with sanctioned
Swiss Authorities Investigate Open Mineral for Alleged Russian Gold Violations
Investigation Overview
LONDON (Reuters) - Swiss-based metal trader Open Mineral is being investigated by Switzerland's State Secretariat for Economic Affairs (SECO) and Zug police for alleged dealings with sanctioned Russian gold, two sources with knowledge of the matter said.
Sanctions on Russian gold were imposed by Switzerland in August 2022, aligning it with the European Union's sanctions which included gold, after Russia invaded Ukraine in 2022.
"We are fully cooperating with the authorities and welcome this development as we hope it will speed up the resolution. Business is ongoing as usual," Open Mineral said in response to a Reuters request for comment.
Details of the Investigation
A SECO spokesperson told Reuters that SECO and Zug police conducted a house search in the canton of Zug on September 11.
Legal Implications of Sanctions
"The measure was carried out in connection with an ongoing administrative criminal proceeding by SECO. The proceeding currently targets two individuals as well as persons unknown," SECO's media spokesperson said.
SECO declined to name the two individuals and did not say if the search was in relation to the investigation into Open Mineral.
"The subject of the investigation is the potential violations of Article 9 of the Federal Act on the Implementation of International Sanctions...in connection with the Ordinance on Measures related to the Situation in Ukraine," SECO said.
Article 9 provides the legal basis for criminal prosecution of individuals or entities that breach Swiss sanctions laws whether deliberately or negligently.
Response from Open Mineral
"SECO is not providing any further comment on the ongoing proceedings at this time," SECO said. "All accused persons are presumed innocent until the proceedings are legally concluded."
(Reporting by Pratima Desai and Polina Devitt; editing by Jane Merriman)
