The sanctions are having effects that were not previously thought to be achievable, as their true impact is beginning to be felt across Eurasia. Some of the negative aspects will impact London, while positive impacts can be felt as far away as Astana in Kazakhstan.
An example, and a possible trend setter, is Russia Polymetalwhich is to leave the London Stock Exchange and move its home to Kazakhstan and the Astana Stock Exchange.
Polymetal International PLC said on Wednesday May 10 that it plans to relocate to Kazakhstan from Jersey and to delist from the London Stock Exchange, a move that requires shareholder approval. This is expected to be granted at Polymetal’s next general meeting, which will take place on May 30, with the company planning to withdraw from the London Stock Exchange on July 17.
Polymetal is a precious metals business, dealing primarily in gold and silver, and began listing on the London Stock Exchange in 2011. It was also listed on the Astana International Stock Exchange in Kazakhstan in 2019. It operates mines in Russia and Kazakhstan. .
Polymetal shares fell 26% to 205.83 pence apiece in London on Wednesday morning after the announcement.
The company is currently headquartered in Jersey, but said that due to Russia’s sanctions imposed on that jurisdiction under Russia’s ‘hostile country list’, the domicile in the Channel Islands” poses a significant risk to the continued existence of the group in its current form”.
Polymetal also announced Wednesday that in the quarter ended March 31, it produced 345,000 gold equivalent ounces, down 4.7% from 362,000 a year ago. In Russia, its production rose 2.7% to 229,000 from 223,000, while its Kazakh production fell 17% to 115,000 from 139,000 ounces.
This decision gives a boost to the Astana Stock Exchange, as Polymetals is a world-class trading company. This will help both educate the Astana Stock Exchange on international standards and develop the Astana Stock Exchange as a focal point for capital funding in Central Asia. It could also prove a magnet for analytical mining and commodities talent to relocate to Kazakhstan.
Source: London Stock Exchange
Silk Road Briefing is written and produced by Dezan Shira & Associates. As global geopolitics alter the way supply chains develop, we provide regional analysis of emerging trends and opportunities for foreign investors. Our firm provides market research and intelligence on issues affecting all Belt and Road Initiative countries with the help of our extensive business network of over 100 regional offices. To learn more about how we can help your business assess changing dynamics, email us at [email protected] or visit www.dezshira.com
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