Authorities Raid Swiss Trader in Probe Linked to Russian Gold
A worker removes cooled 12 kilogram gold ingots from their molds in the foundry at a non-ferrous metals plant in Kasimov, Russia.
Source: Bloomberg
Swiss authorities raided the local office of metals trader Open Mineral AG last Thursday as part of an investigation into potential sanctions breaches relating to its trading in Russian gold, according to people familiar with the matter.
Switzerland’s State Secretariat for Economic Affairs searched the firm’s offices with local police in the canton of Zug last week, said the people, who asked not to be identified discussing an ongoing investigation.