Russia's Polyus Gold may delist from London

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GoldBars

Reuters

Gold bars weighing between 50 grams and 1 kilo are displayed in an office of French gold supplier CPoR company in Paris November 25, 2010.

Moscow - Russia's biggest gold miner Polyus Gold is considering delisting from London, Kommersant newspaper said on Wednesday, the first Russian company to suggest it may heed a call by officials to bring assets home to survive Western sanctions.

Polyus, a London-listed and Jersey-registered firm with assets in Russia, plans to discuss the possible delisting at the next meeting of its board of directors, the newspaper said, citing unnamed sources.

Polyus, part-owned by businessman Suleiman Kerimov, declined to comment.

On Tuesday, First Deputy Prime Minister Igor Shuvalov urged companies listed on foreign stock exchanges to consider re-listing in Moscow to protect themselves from sanctions imposed by the West over Russia's annexation of Crimea.

Shuvalov's remarks were the latest in a campaign backed by President Vladimir Putin to encourage politicians and businessmen to return from the “offshore shadows” and stop spiriting cash out of the country to boost a flagging economy.

More than 10 of Russia's leading companies are registered abroad, most lead by the country's richest tycoons. - Reuters


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