(Alliance News) - Polymetal International PLC on Monday announced that Chief Executive Officer Vitaly Nesis and Chief Financial Officer Maxim Nazimok have resigned from the executive positions at the company's Russian subsidiary, JSC Polymetal.
The company explained that management of Russian operations has been passed on to executives of its Russian arm.
After Russia's full-scale invasion of Ukraine in February 2022, the gold and silver producer operating in Russia and Kazakhstan has been subject to both sanctions from western countries against Russia, and to countersanctions by Russia.
Polymetal emphasised that only its Russian subsidiary is targeted by sanctions.
The company said it is considering "all possible options available for divestment of JSC Polymetal and its subsidiaries," with any potential transaction being subject to governmental and regulatory approvals in all applicale jurisdictions, which includes Russia.
In May, the US Department of State had added JSC Polymetal to its specially designated nationals & blocked persons list on Friday, the gold miner explained.
Further, the company is planning to re-domicile to Kazakhstan from Jersey and delist from the London Stock Exchange, as Jersey is under Russia's 'unfriendly countries list', a sanction by Russia.
The unit is the holding company for Polymetal's Russian assets.
Polymetal added it will provide an update by the end of this month.
Polymetal shares were 0.8% lower at 188.46 pence each in London on Monday afternoon.
By Tom Budszus, Alliance News reporter
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