Swiss-Owned Company's Russian Gold Trades Expose Gap In Western Sanctions

4/18/2023 4:16:02 AM

(MENAFN- Swissinfo) Open Mineral Ltd, registered in Abu Dhabi a year ago and wholly owned by Zug-based Open Mineral AG, imported $44 million of Russian Gold to the United Arab Emirates in six shipments between August and January, according to documents obtained by the financial Times and confirmed by the Swiss commodity trader. Keystone / Martin Ruetschi

A Swiss commodity trader's Abu Dhabi subsidiary has been able to buy tens of millions of dollars of Russian gold despite a ban on Swiss entities undertaking such activity, the latest evidence of a gap in western sanctions against Moscow.

This content was published on April 17, 2023 April 17, 2023 minutes Harry Dempsey and Chris Cook in London, Financial Times

Pусский (ru) торговля российским золотом через швейцарских трейдеров стала прорехой в санкциях

Switzerland last August adopted the EU's prohibition of“the direct or indirect import, purchase or transfer” of Russian gold including shipments into third countries, which was among a raft of western measures introduced in response to Russian president Vladimir Putin's assault on Ukraine.

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But a provision in Swiss law allows its companies' overseas subsidiaries to trade Russian commodities as long as they are“legally independent” - a term the Swiss sanctions enforcement agency declined to define.

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