Russian gold miner Polyus says US sanctions 'unjustified'
Sanctions levied last week against Polyus by the U.S. are unjustified, according to the Rusian miner.
On 19 May the Department of the Treasury’s Office of Foreign Assets Control published a document imposing sanctions targeting the Company and its business units. Polyus is a top five global gold mining company by production volumes and the largest gold miner in terms of attributable gold ore reserves. The company has the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha .
According to General License issued by OFAC, the equity and debt holders of Polyus have to wind down their operations involving the Company until 17 August 2023."The company considers all sanctions imposed on Polyus and its subsidiaries as unjustified. The company will thoroughly examine the relevant authorities’ decisions and the prospect of opposing the sanctions by all legal means," wrote the company in a statement.
"While the company is now evaluating a potential impact of announced restrictive measures, Polyus will focus on maintaining its operations as normal, delivering on operational goals and proceeding with organic development of its asset portfolio. The company also confirms an intention to meet all its social and environmental obligations."
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