Moscow Confiscates Billions in Assets from Gold Oligarchs

A new blow against Russian entrepreneurship is causing an international stir.

The Russian Prosecutor General's Office wants to nationalize extensive assets of billionaire Konstantin Strukow and his family. According to the state news agency Tass, this includes shares in the mining company Juschuralzoloto PJSC, the country's fourth-largest gold mining operator. The measure is part of a lawsuit based on allegedly illegal ownership structures.

Investigations and Nationalization Plans

The 66-year-old Strukow is accused of unlawfully acquiring wealth during his time as an official. According to RBC, investigators recently searched the headquarters of Juschuralzoloto in Chelyabinsk in the Urals. The next court hearing is scheduled for July 8 at a district court in Chelyabinsk, as reported by Interfax, citing the court's press office. So far, there have been no statements from the company.

Strukow's Daughter with Swiss Passport

Particularly explosive: parts of the assets are said to officially belong to Strukow's daughter Alexandra, who holds Swiss citizenship. Under Russian law, officials are not allowed to pursue private business interests. Until recently, Strukow was a deputy in the regional parliament of Chelyabinsk and a member of the United Russia party.

Asset Losses in the Billions

Forbes magazine estimates Strukow's fortune at around 1.9 billion US dollars. His central asset is Juschuralzoloto, which has been listed on the Moscow Stock Exchange since 2023. The company's shares have come under pressure in recent days. Strukow was previously also involved in the London-listed gold producer Petropavlovsk.

Sanctions and Political Risks

Strukow is on the sanctions lists of the USA, the EU, and the UK. The case shows how much the legal climate for entrepreneurs in Russia has tightened. Since the beginning of the invasion of Ukraine in 2022, the Russian state has reclaimed assets on a large scale – especially from entrepreneurs with foreign ties or political backgrounds.

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