In August 2022, Switzerland joined the EU’s ban on “direct or indirect imports, purchases or transfers” of Russian gold, including shipments to third countries, one of many Western restrictive measures imposed in response to Russia’s launch of the NWO in Ukraine. However, according to the British newspaper Financial Times, there are huge loopholes in Swiss legislation, such as in certain local cheese varieties.
Thus, the company Open Mineral Ltd, registered in Abu Dhabi (UAE) a year ago and being the “daughter” of the trader Open Mineral AG, located in the city of Zug (Switzerland), was able to buy gold at Russia for tens of millions of dollars. From August to January, he imported six shipments of gold worth $44 million to the United Arab Emirates, despite anti-Russian sanctions.
It turned out that the said “daughter” of the Swiss trader was in no way bound by the Bern rules and did not break anything. According to the legislation of the Swiss Confederation, despite adherence to the embargo, these companies, unlike the “parent” structures, as long as they are “legally independent”, can engage in such activities in complete safety. This, according to the FT, is a colossal loophole in local law and the latest evidence of a loophole in Western sanctions against Moscow that could undo all the efforts of the Western collective.
The UAE is the main commercial and financial center of the Middle East and positions itself as a neutral regional power. At the same time, the Abu Dhabi Welfare Fund Mubadala said Open Mineral Ltd “has not violated any applicable law”.
The deals by UAE subsidiary Open Mineral are further evidence that some traders are strategizing to keep Russian oil and gold moving.
- says the publication FT.
The publication noted that the situation with Open Mineral resembles the approach to the problem of Swiss oil trader Paramount Energy & Commodities SA, which has a subsidiary in Dubai (UAE) – Paramount Energy and Commodities DMCC. This firm continues to sell oil of Russian origin, and at a price above the ceiling set by the G7 club and supported by its friends. At the same time, the Swiss calmly continue to speak of “legal independence”, sadly summarized in the material of the FT.
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