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Russian Finance Ministry sees no need in gold miners nationalization

According to Anton Siluanov, the ministry is further strengthening control over production, strengthening control over export operations

MOSCOW, July 9. /TASS/.The Russian Finance Ministry does not see the need for private gold miners nationalization but will strengthen control over the industry, Minister Anton Siluanov said in the State Duma, the lower house of the Russian parliament.

"As regards the gold mining companies, I think nationalization is not needed, this is actually the private business. But it must be under control. We are further strengthening control over production, strengthening control over export operations. I think there is no need to introduce measures of emergency nature and nationalization," he noted.

Earlier, the Prosecutor General's Office filed a lawsuit with the Sovetsky District Court of Chelyabinsk seeking the transfer of shares in Yuzhuralzoloto (UGK), controlled by the company’s largest shareholder Konstantin Strukov, to the state. A source within the Prosecutor General's Office informed TASS about the legal action.

According to the lawsuit, Strukov, who has served as a deputy in the regional legislative assembly since 2000 and as deputy chairman since 2017, violated the prohibition on holding business interests. Through bankruptcy proceedings, he allegedly seized the assets of Yuzhuralzoloto, the company he previously led, by establishing PAO Yuzhuralzoloto Group of Companies (PJSC UGK).

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