Shares in Kinross Gold Corp. fell the most in 17 months, amid a widespread stock market selloff in Russia. The Toronto-based senior gold producer operates the Kupol and Dvoinoye gold mines in Russia, which accounted for about a fifth of Kinross’s gold production last year.
On Friday, the United States imposed sanctions on a number of Russian oligarchs, freezing their assets and banning any U.S. business dealings with them.
The move is an attempt to reprimand Russian President Vladimir Putin’s business allies for what the U.S. Treasury Department calls “malign activity,” including supporting Bashar al-Assad’s regime in Syria, and for allegedly tampering with the U.S. election in 2016.
The broader Russian stock market and the Russian ruble came under heavy selling pressure on Monday, as investors fled from companies with exposure to the country.
Shares in Kinross closed down 8.7 per cent on the Toronto Stock Exchange Monday, its worst showing since November 2016.
For the rest of this article: https://www.theglobeandmail.com/business/article-kinross-gold-shares-slide-nearly-9-per-cent-amid-russian-market/