Russia Sells Stake in Seized Top Gold Miner for $1.3 Billion

Russia sold a stake in Polyus, a top gold miner it seized from billionaire Suleiman Kerimov in August 2023, for $1.3 billion this week. The sale followed multiple attempts to divest the asset, which was originally seized by Russian authorities. The final sale price represents approximately half of the $2.5 billion that the Russian government had initially sought for the stake. The buyer of the stake was not immediately disclosed, but the transaction involved the sale of 10.6% of Polyus's shares. This divestment marks a significant move in the Russian gold mining sector, which has seen considerable state intervention following the seizure of assets from prominent businessmen. Polyus, one of the world's largest gold producers, had its shares frozen by a court order in August 2023, preventing any trading. The company's market capitalization before the seizure was estimated to be around $13 billion. The sale comes amidst ongoing geopolitical tensions and sanctions impacting Russian businesses.