- Write by:
-
Tuesday, May 23, 2023 - 23:06:36
-
28 Visit
-
Print
Mining News Pro - Gold producer Polymetal International PLC sought to play down the impact of US sanctions on its Russian operations as its London-listed shares tanked on Monday, emphasizing that the restrictions did not affect its business outside Russia.
The US State Department on Friday included Polymetal’s Russian business and Polyus – the largest gold producers in Russia – on its latest list of sanctions targets, aiming to punish Moscow for its invasion of Ukraine.
Polymetal’s Russian operations accounted for around two-thirds of the group’s revenue in 2022.
Shares in the company, which closed 8.4% lower on Friday, slid even further on Monday, at one point losing almost 40% on the day. By 1016 GMT they were around 12% lower.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday placed blocking sanctions on Russia-based JSC Polymetal and any entities in which it holds a majority stake, but made clear that the sanctions did not target Jersey-based Polymetal International.
“JSC Polymetal is a legal entity registered in the Russian Federation which acts, amongst other things, as the holding company for the group’s assets located in the Russian Federation,” Polymetal International said in a statement.
“(It) does not have any operations outside of the Russian Federation.”
“Neither the company, its subsidiaries nor its affiliates are designated as sanctions targets of the UK or the EU, with the exception solely of the company’s Russian subsidiaries.”
Polyus on Monday said it considered all sanctions imposed on it and its subsidiaries as unjustified, and would examine the decisions and whether it should appeal.
Polymetal is seeking to re-domicile from Jersey to Kazakhstan and shift its primary listing from London to Astana to allow it to advance plans to separate its Russian and Kazakh businesses next year.
On Monday Polymetal International said it remained committed to pursuing its re-domiciliation, which is subject to shareholder approval.
Short Link:
https://www.miningnews.ir/En/News/622967

Mining News Pro - The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over ...

Mining News Pro - Australian gold miner St Barbara said on Tuesday it will not further engage with Silver Lake Resources ...

Mining News Pro - The US has sanctioned some of Russia’s biggest gold miners, as it imposes fresh penalties on the ...

Mining News Pro - International Graphite (IG6) has secured a site for its planned battery anode material manufacturing ...

Mining News Pro - Northern Dynasty Minerals Ltd on Monday raised doubts about its ability to continue as a going concern ...

Mining News Pro - The global refined lead market will be roughly balanced between supply and demand this year, according ...

Mining News Pro - One of the world’s biggest metals traders has built up a dominant position in one part of the London ...

Mining News Pro - The sale of a stake in a massive new uranium mine to Russia prompted an exodus of senior managers at ...

Mining News Pro - The risk of a US debt default is greater than it’s ever been, threatening to tip global markets into a ...
No comments have been posted yet ...