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By Rhod Mackenzie

The Russian gold mining industry, whose major players are all subject to US sanctions, is reorganising its exports by introducing intermediaries into the supply chain. According to a representative from Yuzhuralzoloto, the decrease in margins is insignificant. This is because, te...

By Rhod Mackenzie

Despite sanctions, Russia became the sixth largest source of gold for Switzerland for the second year in a row in 2023. Switzerland was the main supplier of this precious metal to the European Union last year. This information is based on an analysis of data from the UN Comtrade...

By Rhod Mackenzie and Bogdan Kolbasuk

Vladimir Putin has signed off on an order authorising the transactions of the shares of the Polymetal company, to which the Russian assets of Polymetal International were previously allocated, as well as the Taseevskoye gold deposit in Transbaikalia, previousl...

By Rhod Mackenzie

Through the acquisition of Polymetal's Russian assets, Mangazeya, owned by Sergei Yanchukov, has become one of the largest gold mining companies in the Russian Federation. The transaction is valued at $3.7 billion,however, only $300 million is to be paid in cash. Polymetal will a...

By Rhod Mackenzie

Polymetal Int has agreed to sell its Russian business for $3.69 billion. The deal is expected to closed by the end of March 2024, subject to regulatory approvals and approval by the shareholders' meeting, which will be held on March 7, 2024 in Astana (Kazakhstan).

The sale of 1...

By Rhod Mackenzie

According to a study by financial intelligence company Sayari, it is possible that certain Russian banks may have found a way to bypass the ban on importing cash dollars and euros into Russia by exchanging gold for them in the United Arab Emirates and Turkey. Bloomberg reported o...