22 May 2023 15:05

Polyus to look at prospects for disputing sanctions, assess their potential impact

MOSCOW. May 22 (Interfax) - Polyus considers all sanctions imposed it and its subsidiaries as unjustified, the No.1 Russian gold miner said in a statement.

Polyus said it would examine the relevant decisions and the prospects for opposing the sanctions by all legal means.

The U.S. Department of the Treasury's Office of Foreign Assets Control published a document on May 19 imposing sanctions targeting the company and its business units. According to a general license issued by OFAC, the equity and debt holders of Polyus have until August 17 to wind down their operations involving the company. The UK and Australia also imposed sanctions against Polyus on May 18.

"While the company is now evaluating a potential impact of announced restrictive measures, Polyus will focus on maintaining its operations as normal, delivering on operational goals and proceeding with organic development of its asset portfolio," Polyus said.

Polyus is Russia's leading gold miner. It develops hard rock and alluvial gold deposits in the Krasnoyarsk Territory, Irkutsk and Magadan Regions, and Yakutia. The biggest shareholders are the Fund for Support of Islamic Organizations with 46.35% and Ahmet Palankoyev's Akropol Group with 29.99%.