Russia may auction off seized stake in gold producer UGC next month
A stake in Russian gold producer Uzhuralzoloto (UGC) that was seized by the state last year could be sold at auction next month, federal property management agency Rosimushchestvo said on Friday.
The agency said that preparations for the auction are under way. The state currently holds 67.2% of the company, a stake which is worth $1.3-billion at current market prices.
In July 2025, a Russian court ruled that the majority stake previously owned by businessman Konstantin Strukov should be transferred to the state.
The move was part of a wider pattern of nationalisations of assets of Russian companies and fleeing Western firms. Last year, Moscow law firm NSP estimated that authorities had confiscated private assets worth some $50-billion since the start of the conflict in Ukraine.
The central bank said last October that the state had violated the rights of minority shareholders in UGC by not making an offer as required by law after the seizure. The new owner of UGC is expected to make the buyout offer after the purchase.
The auction was due to take place last year but was delayed as gold prices rallied and the state targeted a higher price for the stake.
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