US Sanctions Russian Metals Magnate Sviblov and Gold, Zinc Firms – by Jack Farchy (Bloomberg News – December 12, 2023)

(Bloomberg) — The US imposed sanctions on Russian mining magnate Vladislav Sviblov and several mining companies connected to him, including one that’s developing one of the world’s largest zinc mines.

The sanctions are the latest move against the Russian metals and mining sector, and come after the UK imposed sanctions against Sviblov last month. Sviblov emerged as a significant player in the Russian metals scene in recent years, buying up several mid-sized gold companies, as well as building what was set to be one of the world’s largest zinc mines at Ozernoye in Siberia.

Russia’s gold sector has been largely isolated from the west after the G-7 imposed an import ban last year. However, the Ozernoye mine had drawn the attention of traders including Trafigura Group and Open Mineral, which had been bidding to win a long-term contract to purchase its zinc ore, Bloomberg reported in October.

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