Swiss firm suspected of violating gold sanctions against Russia

The State Secretariat for Economic Affairs (Seco) has launched an investigation into Open Mineral, a commodities trader based in Baar. The company is suspected of violating sanctions against Russia in relation to gold, Reuters reported on Friday.

Open Mineral allegedly traded the precious metal from Russia, violating sanctions against Moscow after the start of the military invasion of Ukraine.

+Get the most important news from Switzerland in your inbox

Contacted by the AWP news agency, the company confirmed it was under investigation. “Last week the authorities searched our premises as part of an investigation into business operations that took place in 2022.” The company announced that it had cooperated with the authorities and would continue to do so. Business activities continue as usual.

For its part, Seco confirmed to AWP that a house search took place on September 11 in the canton of Zug. “The proceedings are currently being directed against two people and against unknown persons,” a spokesman indicated. The subject of the investigation is possible violations of the law in connection with sanctions against Russia. Seco would not make any further statements on the ongoing proceedings.

More

More

Explainer: Why Switzerland remains a ‘big buyer’ of Russian gold  

This content was published on

Sep 3, 2024


SWI swissinfo.ch explains how gold sustains Russia’s war effort and why Russian gold still finds its way to Switzerland.

Read more: Explainer: Why Switzerland remains a ‘big buyer’ of Russian gold  

Open Mineral opened its office in Switzerland in 2016 and started operations in 2017. The group has offices in 11 cities worldwide and is active in more than 50 countries.

Adapted from Italian by DeepL/ac

More

Americans turn to Swiss banks in search of a safe haven

This content was published on

Sep 20, 2025


Americans are knocking more and more insistently on the doors of Swiss banks, although few institutions now cater to this type of clientele.

Read more: Americans turn to Swiss banks in search of a safe haven

More

Seaplane crashes into Swiss lake, killing a 60-year-old woman

This content was published on

Sep 20, 2025


A seaplane crashed into Lake Zug, near Cham, at 1:45 pm on Friday. Two people were on board, including a 60-year-old woman who died.

Read more: Seaplane crashes into Swiss lake, killing a 60-year-old woman

More

Swiss government wants a new law to secure gas supplies

This content was published on

Sep 20, 2025


The supply of gas in Switzerland is to be regulated by means of a new special law (Gas Supply Act). On Friday, the government launched a consultation until December 19 on a draft.

Read more: Swiss government wants a new law to secure gas supplies

More

Drug pricing

Novartis CEO wants to end higher pricing for drugs sold in the US

This content was published on

Sep 20, 2025


CEO Vasant Narasimhan believes that countries outside the USA have a duty to contribute more to innovation.

Read more: Novartis CEO wants to end higher pricing for drugs sold in the US

More

Swiss government wants to save CHF2.4 billion in 2027

This content was published on

Sep 19, 2025


The Confederation will have to save CHF 2.4 billion in 2027 and CHF 3 billion in 2028 and 2029. The Federal Council submitted its proposal to Parliament on Friday. The Council of States will consider it in the winter session, and the National Council in the spring.

Read more: Swiss government wants to save CHF2.4 billion in 2027

More

Landslide village: foundation stone laid for new Blatten

This content was published on

Sep 19, 2025


Less than four months after the collapse of the Birch glacier, the municipality of Blatten has broken ground on the construction of a new village. The symbolic act took place on the scree covering the old buildings.

Read more: Landslide village: foundation stone laid for new Blatten

More

Swiss politician Alfred Heer dies

This content was published on

Sep 19, 2025


Zurich politician Alfred Heer died unexpectedly on Thursday night. He was 63.

Read more: Swiss politician Alfred Heer dies

More

New-build flats in Zurich mainly go to locals not ‘rich expats’

This content was published on

Sep 19, 2025


Most new-build flats in canton Zurich go to existing residents, not to so-called “rich expats”.

Read more: New-build flats in Zurich mainly go to locals not ‘rich expats’

More

Without free movement the Swiss would work longer and retire later, says EU ambassador

This content was published on

Sep 19, 2025


Without free movement with the EU, the Swiss would be forced to work longer every day and would retire later, says Andreas Künne, the new EU ambassador in Bern.

Read more: Without free movement the Swiss would work longer and retire later, says EU ambassador

More

Pink October: Geneva hospitals to raise awareness of breast cancer

This content was published on

Sep 19, 2025


To mark Pink October, Geneva University Hospitals (HUG) and its partners are mobilising to inform and raise awareness of breast cancer.

Read more: Pink October: Geneva hospitals to raise awareness of breast cancer