Who warms their hands on Russian gold?
There is a redistribution of assets in domestic gold mining. In many ways, it was provoked by Western sanctions. At the same time, world gold prices are breaking records of the pandemic period. And this spring, gold production in Russia has increased. Our Version decided to figure out who is catching goldfish in troubled waters.
The exact figures for gold production in Russia are now classified, Rosstat only talks about trends. From his messages it is known that according to the results of the first quarter, the volume of gold production in the Russian Federation exceeded the figures for the same period last year by 9.1%. At the same time, in March the increase was 26.5%. Industry insiders claim that only the largest enterprises have increased production, while small artels continue to reduce production. They are hampered by a shortage of personnel, the lack of distribution channels (the European embargo on Russian gold affects) and problems with the supply of equipment and spare parts. Thus, the same process is taking place as in the grocery retail market: large players use the situation to subjugate small ones and monopolize the market. At the same time, it seems that administrative resources are also being used.
under the wing of a senator
In recent years, the image of the largest gold producer in Russia has been assigned to the Polyus company. Last year it received 2.568 million ounces, and this year it is going to produce 2.8-2.9 million. The company grew out of a small artel, which was founded in the 1980s by Khazret Sovmen. Having grown rich in the mines, he became the president of Adygea at the beginning of the 2000s. And in 2009, another politician with Caucasian roots, a native of Dagestan, became the main beneficiary of the company. Suleiman Kerimov. Since 2008, he has been a senator, in connection with which he lost the opportunity to directly own a business. The controlling stake in Polyus was for a long time registered with PGIL, a company registered on the island of Jersey.
In 2012, PGIL bought shares from minority shareholders and left the London Stock Exchange. True, five years later she returned there. Another high-profile change in the ownership structure occurred in 2015. Then the business media reported that control of the “Pole” passed to the son of the senator Said Kerimov. Presumably, it was at that time that PGIL became a “daughter” of the Cypriot Wandle Holdings Ltd, which, according to a number of media sources, was registered with Said Kerimov.
Wandle Holdings once again made headlines last spring. Then it became known that she had issued a “registration permit” in the special economic zone in Vladivostok – on Russky Island. Soon there were other changes: the Polyus press service reported that Wandle Holdings sold 29.99% in the Polyus gold mining company to the Acropolis Group. Thus, the share of Said Kerimov in Polyus decreased from 76.34% to 46.35%. The amount of the deal was not reported.
Soon the senator’s son finally severed ties with the “Pole”. Last March, he donated 100% of Wandle Holdings to the Fund for the Support of Islamic Organizations (FSIO).
The cost of this gift offhand can be estimated at several billion dollars. All this happened against the backdrop of the introduction by the West of personal sanctions against the family of Senator Kerimov, which is why evil tongues started a rumor that the two events were connected with each other.
Allah gives
Traditionally, Russian gold miners sold the precious metal to banks, which were already exporting it. Now many banks under sanctions and large miners themselves export their products. Last year there were talks that Russian bars could be refined in Kazakhstan. Now Bloomberg, citing Import Genius, writes that the bars go to Asian countries without any identifying stamps. China, Türkiye, Hong Kong, UAE are mentioned. Traders are little-known companies that previously traded, for example, agricultural products. Russian bars are presumably going to be melted down or to Asian jewelers.
Meanwhile
