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On 12 September 2025 Switzerland's SECO conducted raids on the Zug offices of Open Mineral AG.
This was part of an investigation into suspected breaches of Switzerland's sanctions against gold trading from 2022, and specifically purchases of Russian gold done through a UAE subsidiary.
The company has stated that its trades were done in accordance with applicable laws and that it is cooperating with the authorities.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
