Administrators Get OK To Sell Russian Gold Giant

By Alex Baldwin (August 2, 2022, 6:28 PM BST) -- A London court gave administrators the go-ahead to sell off major Russian gold mining company Petropavlovsk to commodities rival UMMC-Invest as U.K. government sanctions continue to hamstring Russian firms.

High Court Judge Jonathan Hilliard ruled that Opus Restructuring could sell the Russian business after it defaulted on loan repayments to its heavily sanctioned key lender Gazprombank.

The application to sell the business was "extremely urgent," Judge Hilliard said, hearing the claim two days after the application notice was filed.

Judge Hilliard ruled that the three administrators — Allister Jonathan Manson, Trevor Binyon and Joanne Rolls — could perform the sale to...

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