For the very first time in Switzerland, a major commodities trading firm was being tried in what serves as the country’s highest criminal court. The case was brought by a Swiss corruption probe against Trafigura, the world’s third-largest oil trader, for bribes paid to Angola’s state oil company Sonangol in 2011. When Trafigura tried to settle out of court, per Switzerland’s usual protocol of favoring fines over trial spectacle, prosecutors refused. Former Trafigura executive Mike Wainwright now faces four years in jail, while the company could receive a $156 million fine.

Last December, the small town of Bellinzona , Switzerland, underwent its annual transformation into a winter wonderland, erecting Christmas markets, lights, and ice rinks at the foot of the medieval castle that looms over its historic center. Meanwhile, in the nearby Federal Criminal Court, an obscure but significant piece of financial history was being made.

Last December, the small town of Bellinzona, Switzerland, underwent its annual transformation into a winter wonderland, erecting Christmas markets, lights, and ice rinks at the foot of the medieval castle that looms over its historic center. Meanwhile, in the nearby Federal Criminal Court, an obscure but significant piece of financial history was being made.

For the very first time in Switzerland, a major commodities trading firm was being tried in what serves as the country’s highest criminal court. The case was brought by a Swiss corruption probe against Trafigura, the world’s third-largest oil trader, for bribes paid to Angola’s state oil company Sonangol in 2011. When Trafigura tried to settle out of court, per Switzerland’s usual protocol of favoring fines over trial spectacle, prosecutors refused. Former Trafigura executive Mike Wainwright now faces four years in jail, while the company could receive a $156 million fine.

Still awaiting the final sentencing, Trafigura’s lawyers have framed the case, which offered a rare glimpse into a normally clandestine industry, as a political “crusade.”

The trial becomes even more significant when set against the backdrop of the climate crisis, which is already forcing broader shifts within the commodity trading industry. In a sector that has long evaded public scrutiny, traders have historically remained agnostic to both policy goals and public opinion; the Trafigura trial caps off a wave of fresh allegations of past corruption—including against peer firms like Glencore and Gunvor—serving as a stinging reminder of the industry’s long-standing reputation for putting profits over compliance or public well-being.

At the same time, commodity traders are suddenly more key than ever to the markets, regulatory tools, and supply chains on which global climate policy aims currently depend. In fact, industry experts and environmental advocacy groups now argue the energy transition can’t be achieved without them.

With traders poised to become major players in the fight for carbon neutrality, what can regulators and the public do to make sure their future activity stays in the public eye and in line with policy goals?