Published by Global Banking & Finance Review®
Posted on September 19, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on Google
Swiss authorities are investigating Open Mineral for alleged dealings with sanctioned Russian gold, with SECO and Zug police involved in the probe.
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.
A SECO spokesperson told Reuters that SECO and Zug police conducted a house search in the canton of Zug on September 11.
"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.
"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)
Open Mineral is being investigated for alleged dealings with sanctioned Russian gold, following Switzerland's alignment with EU sanctions after Russia's invasion of Ukraine.
SECO and Zug police conducted a house search in the canton of Zug as part of an ongoing administrative criminal proceeding targeting two individuals and others.
Article 9 provides the legal basis for criminal prosecution of individuals or entities that breach Swiss sanctions laws, whether deliberately or negligently.
Open Mineral stated that they are fully cooperating with the authorities and hope the investigation will expedite resolution, asserting that business continues as usual.
SECO has declined to provide further comments on the ongoing proceedings, emphasizing that all accused persons are presumed innocent until the legal process is concluded.
Explore more articles in the Headlines category
