Russia adds $1.9B stake in gold miner to $50B in confiscated assets since start of Ukraine war

The Russian property agency said on Monday it had valued a 67.2% stake in gold producer UGC at 140.4 billion roubles ($1.85 billion) ahead of an auction to sell the stake, which will be held at the start of May.

In July 2025, a Russian court ruled that the majority stake previously owned by businessman Konstantin Strukov should be transferred to the state.

The move was part of a wider pattern of nationalizations of assets of Russian companies and of Western firms exiting Russia. Last year, Moscow law firm NSP estimated that authorities had confiscated private assets worth some $50 billion since the start of the conflict in Ukraine.

The central bank said last October that the state had violated the rights of minority shareholders in UGC by not making an offer as required by law after the seizure. The new owner of UGC is expected to make the buyout offer after the purchase.

The auction was due to take place last year but was delayed as gold prices rallied and the state targeted a higher price for the stake. At current market prices the stake is valued at $1.6 billion.

($1 = 76.0000 roubles)

(By Anastasia Lyrchikova and Gleb Bryanski; Editing by Susan Fenton)