RE: UPDATE from BOD23 Mar 2022 20:04
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together with its subsidiaries, the "Group") reports that its mining operations, which are located in the Far East of Russia, currently continue without interruption despite the ongoing conflict in Ukraine.
No member of the Group has to date been named in the sanctions against Russia announced by the United Kingdom, United States, European Union and other nations. The Company is ensuring that appropriate systems and procedures are put in place to verify that it is not conducting restricted forms of business with any sanctioned parties. Petropavlovsk will continue to identify and analyse potential risks to its business as a result of sanctions, countermeasures adopted by the Russian Federation, and trading decisions announced by private companies.
Petropavlovsk continues to sell gold, as before, to domestic commercial banks at London fixing and is therefore not affected by export controls at this time.