Magnetoelectric phenomena are intimately linked to relativistic effects and also require the material to break spatial inversion symmetry and time reversal invariance. Magnetoelectric coupling can substantially affect light-matter interaction and lead to non-reciprocal light propagation. Here, we confirm on a fully experimental basis, without invoking either symmetry-based or material-specific assumptions, that the optical magnetoelectric effect in materials with non-parallel magnetization ($\boldsymbol{M}$) and electric polarization ($\boldsymbol{P}$) generates a trilinear term in the refractive index, $\delta n\propto\boldsymbol{k}\cdot(\boldsymbol{P}\times\boldsymbol{M})$, where $\boldsymbol{k}$ is the propagation vector of light. Its sharp magnetoelectric resonances, that are simultaneously electric and magnetic dipole active excitations, make Co$_{2}$Mo$_3$O$_8$ an ideal compound to demonstrate this fundamental relation via independent variation of $\boldsymbol{M}$, $\boldsymbol{P}$ and $\boldsymbol{k}$. Remarkably, the material shows almost perfect one-way transparency in moderate magnetic fields at some of the magnetoelectric resonances.
