8 Nov 2023 15:30

UK sanctions Russian gold mining companies Nordgold, Highland Gold, their owners, UGC's Strukov

MOSCOW. Nov 9 (Interfax) - The United Kingdom has imposed new sanctions on a number of Russian gold mining companies, their owners and managers.

In particular, the new sanctions target Nordgold together with Marina Mordashova, who owns around 52% of its shares, and general director Georgy Smirnov, the UK Treasury said. Until now, the company was subject only to U.S. sanctions, while the Mordashov family was under U.S. and Canadian sanctions.

It is the first time sanctions have been imposed on the Highland Gold company and its owner Vladislav Sviblov.

Those sanctions also include Konstantin Strukov, the owner of Yuzhuralzoloto Group of Companies (UGC), whereas Yuzhuralzoloto itself is not present on the sanctions list.

"The individual sanctions of the UK against Konstantin Strukov do not affect the company, its operations or its exports. We continue to fulfill all of our Russian and international contract obligations," Yuzhuralzoloto said.

The latest UK sanctions also target Ural Mining and Metallurgical Company (UMMC), a ferrous metals and gold producer, earlier sanctioned by the United States.

The UK has also sanctioned regionally owned JSC Krastsvetmet, one of Russia's largest precious metals refineries.

Nordgold, Highland Gold, Yuzhuralzoloto, and also UMMC, which purchased the production assets of Petropavlovsk last year, are among the top ten gold miners in Russia. Russia's leading gold producer Polyus has been under British, U.S. and Australian sanctions since May. Polymetal JSC, a holding company for Polymetal assets in Russia, was sanctioned by the United States at the same time.