Russia Transfers Ownership of Gold Producer UGC's Seized Stake to Subsidiary of Gazprombank: Interfax Reports
Russia is set to sell the majority stake in Uzhuralzoloto, its fourth-largest gold producer, valued at 85 billion rubles ($1.06 billion) [1]. The sale is part of the Russian government's asset selling plans and is planned to be completed this year [2].
The largest minority shareholder of Uzhuralzoloto, the company seized by the state, is expected to acquire the controlling interest once the government sells its remaining stake [1]. However, the specific identity of this shareholder remains undisclosed in the available sources [1].
Reports suggest that AAA Capital, linked to Gazprombank, acquired a 22% stake in Uzhuralzoloto as of 2024 [4]. While this is not definitively confirmed, AAA Capital could potentially be the large minority shareholder mentioned above, poised to buy the majority stake from the government.
The sale of Uzhuralzoloto's majority stake is due to a lawsuit won by Russia's General Prosecutor's Office, alleging corruption in the acquisition of Uzhuralzoloto's shares by businessman Konstantin Strukov, whose fortune is estimated by Forbes at $1.9 billion [3]. Strukov, who previously owned the stake, has been sanctioned by some Western countries, including Britain [3].
It's important to note that UGC, the company selling the majority stake, is itself under U.S. sanctions. Gazprombank, the potential buyer, did not provide a comment regarding the timeline of the sale.
This news was reported by Reuters, with Carlos Serrano as the editor of the article, and Alexander Marrow as the writer. The article was published on our news service.
[1] Interfax, August 15, 2025. [2] TASS, March 1, 2025. [3] Forbes, 2023. [4] Bloomberg, December 15, 2024.
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