Editor’s Note
This article reports on the Russian government’s upcoming auction of its stake in the gold mining firm Uzhuralzoloto, following a court-ordered seizure of the shares.
The Russian government has announced that the state’s stake in the major gold company Uzhuralzoloto (UGC) will soon be put up for auction. This move comes after a court in July 2025 ordered the seizure and transfer to the state of the majority stake in the company, which was previously held by businessman Konstantin Strukov. Russian Finance Minister Anton Siluanov clarified on the TV channel Russia24 that there will be no delay in the auction process and it will begin soon.
Russian prosecutors had charged Strukov and several other individuals with acquiring UGC’s assets through corruption. Following the court order, control of the company has now directly passed into the hands of the state. UGC is a significant company in Russia’s gold production sector, and its transition to state ownership has increased the likelihood of changes in mining and financial policies.
Experts believe that the state’s offering of the company’s stake in the auction could create new opportunities for investors. If the auction is transparent and open, investors may be able to purchase shares at a low price. However, due to political and legal risks, some advisors are also recommending that investors remain cautious.
Finance Minister Siluanov reiterated, indicating that the process could start very soon.
UGC’s move under state control is a significant signal for Russia’s gold market. It will increase the government’s influence over gold production and investors will see new activities in the market. Experts say that if the auction is successful and transparent, it could provide both stability and new opportunities for Russia’s gold economy.