Archive · 16 Sep 2025
Swiss Authorities Raid Metals Trader in Russian Gold Probe
Imagine a company called Open Mineral that trades metals.
Swiss authorities are checking if they broke the rules about buying gold from Russia.
Switzerland, along with other countries, banned buying gold from Russia after it invaded Ukraine.
Authorities searched Open Mineral's office in Switzerland.
The investigation is about trades made in 2022.
The company says it follows the rules and is helping with the investigation.
Open Mineral is a metals trading company founded in 2017.
It is backed by an Abu Dhabi wealth fund.
The company bought a lot of Russian gold in 2022 through its subsidiary in the UAE.
Swiss authorities raided the local office of Open Mineral AG.
The raid is part of an investigation into potential sanctions breaches.
The investigation relates to trading in Russian gold.
The searches were conducted by Switzerland’s State Secretariat for Economic Affairs (SECO).
Open Mineral says it operates in accordance with laws and regulations.
- Who
- Swiss authorities and Open Mineral AG
- What
- An investigation into potential sanctions breaches related to trading Russian gold.
- When
- Last Thursday
- Where
- Zug, Switzerland (Open Mineral's local office)
- Why
- To investigate potential violations of Swiss sanctions imposed in response to Russia’s invasion of Ukraine.
- Company Involved
- Open Mineral AG
- Location of Raid
- Zug, Switzerland
- Date of Raid
- Last Thursday
- Reason for Investigation
- Potential sanctions breaches regarding Russian gold trading
- Investigating Agency
- Swiss State Secretariat for Economic Affairs (SECO)
- Year of Questionable Trades
- 2022