Russian producer to file for administration after funds dry up and its share price crashes 90% in London
Bengaluru — Russian miner Petropavlovsk plans to file for administration after sanctions on Gazprombank, its main lender and the sole buyer of its gold, left it unable to repay loans and placed it among the first listed companies to face collapse because of the Ukraine war.
The miner’s extensive commercial and financial relationship with Gazprombank has made its situation particularly challenging since Russia invaded Ukraine on February 24. The invasion, which Moscow terms “a special military operation”, led to Western sanctions that made doing business in Russia more difficult.
Petropavlovsk has explored a sale and said it had received an offer from one party and an expression of interest from another to buy its subsidiaries. It did not name the interested parties. It was a constituent of London’s midcaps index until Britain removed Russian-based companies’ listings from London’s stock indices after the war began in Ukraine, but Petropavlovsk continued to trade on the London Stock Exchange.
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