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Open Mineral is investigated by Switzerland for alleged sanctions against Russian gold deals

Open Mineral is investigated by Switzerland for alleged sanctions against Russian gold deals

Two sources familiar with the matter have confirmed that Open Mineral, a Swiss metal trader, is under investigation by both the State Secretariat for Economic Affairs in Switzerland (SECO) as well as Zug Police for alleged dealings involving sanctioned Russian Gold.

After the Russian invasion of Ukraine in 2022, Switzerland imposed sanctions on Russian gold in August 2022. These sanctions included gold.

"We fully cooperate with the authorities, and we welcome this new development in the hope that it will accelerate the resolution." Open Mineral responded to a comment request by saying that business is continuing as usual.

A spokesperson for SECO said that SECO and Zug Police conducted a search of a home in the canton Zug on September 11,

The measure was taken in relation to an administrative criminal proceeding that SECO is currently conducting. "The proceeding targets two people as well as unknown persons," SECO media spokesperson stated.

SECO refused to identify the two individuals, and said that the search had nothing to do with the investigation of Open Mineral.

SECO stated that the investigation was based on potential violations of Article 9 Federal Act on Implementation of Sanctions International... in connection with the Ordinance on Measures Related to the Situation in Ukraine.

The criminal law provides a legal basis to prosecute individuals or entities who violate Swiss sanctions laws, whether intentionally or negligently.

SECO stated that it would not comment further on the current proceedings. All accused persons are presumed to be innocent until the legal proceedings are concluded.

(source: Reuters)