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US sanctions have no impact on activities of Polymetal’s Russian subsidiary

"It was clear that such a situation was possible sooner or later, which is why preparations to it were held beforehand. We isolated the assets in two countries that we operate in, quite long ago through virtually building two parallel systems of sales, provision and financing," a company representative said

MOSCOW, May 22. /TASS/. Designation of the subsidiary in the Russian Federation of Polymetal, JSC Polymetal, by the US Department of the Treasury has not had any impact on the company’s activities, according to a statement released by the gold producer on Monday.

"Polymetal informs that being added to OFAC's (the Department of the Treasury’s Office of Foreign Assets Control - TASS) SDN List has not affected the activities of the company or its assets on the territory of the Russian Federation," the statement reads. All Russian entities of Polymetal continue working as usual, fulfill obligations to partners, employees and the state in full.

"It was clear that such a situation was possible sooner or later, which is why preparations to it were held beforehand. We isolated the assets in two countries that we operate in, quite long ago through virtually building two parallel systems of sales, provision and financing," a company representative said.

Jersey-based Polymetal International plc, as well as assets in Kazakhstan, have not been designated by OFAC, the company stressed.

On May 19, the US Department of the Treasury designated JSC Polymetal, the company’s subsidiary in the Russian Federation.

Polymetal is one of the world’s ten largest gold producers and five biggest silver makers. Its assets are located in Russia and Kazakhstan. The company has a portfolio of ten producing gold and silver mines and a pipeline of future growth projects.

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