The London-based mining company Petropavlovsk, Petropavlovsk plans to sell its mines in Russia and collapses in London. Petropavlovsk's operational assets consist in particular of three mines and a processing plant in a border area of China in eastern Russia.

Specialized in gold mining in the Russian Far East, the company had announced that it was studying the possibility of divesting its operational subsidiaries due to the consequences of the sanctions. The company explains that it is particularly affected by the British sanctions, which do not target it directly but affect the Russian bank Gazprombank, to which it sells its gold production and has credit facilities.

Petropavlovsk was down 20.33% to 2.39 pence on the London Stock Exchange last Thursday shortly after 10:00 GMT, after losing more than 87% of its value since the beginning of the year. The company also warns of the legal difficulties in getting cash out of Russia, which may seriously complicate the payment of some of its creditors.