Russia adds $1.9 billion stake in gold mining company to $50 billion in assets seized since war in Ukraine
2026-04-23
Russia has valued its seized stake in gold mining company UGC at $1.9 billion ahead of the May auction
Image of the monument to Lenin in Ilyichevsk (Odessa region). Author: lentina_x
Russia's property management agency said Monday it had valued its 67.2 percent stake in gold miner UGC at 140.4 billion rubles ($1.85 billion) ahead of an auction to sell the stake in early May.
In July 2025, a Russian court decided to transfer to the state a controlling stake in the company, previously owned by businessman Konstantin Strukov.
The move was part of a broader trend toward nationalization of the assets of Russian companies, as well as those of Western firms withdrawing from the Russian market. Last year, Moscow law firm NSP estimated that authorities had confiscated private assets totaling about $50 billion since the conflict in Ukraine began.
In October last year, the Central Bank said the government had violated the rights of UGC minority shareholders by failing to issue a binding offer to them after divestment, as required by law. It is expected that the new owner of UGC will make an offer to buy back shares after the completion of the transaction.
The auction was supposed to take place last year, but was postponed due to rising gold prices, since the state expected to receive a higher amount for the sold share. Based on current market quotes, the value of this block of shares is estimated at $1.6 billion.
($1 = 76.0000 rubles)
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