Page 154 - RusRPTJul23

A drop in indicators for Aliexpress Russia was also observed in terms of money - in 2022, its sales decreased by 47%, to 56.2 billion rubles. And VK in the first quarter wrote off almost 10 billion rubles from the depreciation of its stake in the joint venture.
9.2.10 Utilities & Renewables corporate news
Russian power plant near Rostov on fire. Novocherkassk Thermal Power Plant in Russia's Rostov Oblast is on fire, Russian state news agency TASS reported on June 14. Local residents heard an explosion before the fire started at around 1:40 p.m. local time, according to the Novocherkassk Segodnya Telegram channel.
9.2.11 Mines and Minerals - gold & diamonds
The shareholders of Polymetal International, a precious metals producer primarily operating in Russia and Kazakhstan, have given their approval for the company to re-domicile from Jersey Island to the Astana International Financial Centre (AIFC) in Kazakhstan. The decision was announced in a statement released by the company on Tuesday. Polymetal International had previously revealed in May that its board of directors had considered various options for re-domiciliation, including the Dubai International Financial Centre, the Abu Dhabi Global Market, and Hong Kong. Ultimately, Kazakhstan emerged as the preferred choice due to its ability to distance the company from the majority of Russian sanction restrictions, while still offering a legal framework that closely aligns with the interests of the company's shareholders. As a result of the re-domiciliation, Polymetal International's shares will no longer comply with the regulations of the London Stock Exchange. The company has stated that it will proceed with delisting from the exchange and seek a listing on the AIFC's bourse, known as the AIX, as previously indicated. Furthermore, Polymetal International outlined its plans to undergo a split into two jurisdictions between July and December 2024. If the shareholders approve the re-domiciliation to Kazakhstan, the company intends to convene another shareholder meeting in the first quarter of 2024 to discuss the details of the proposed split. Notably, the ICT Group, led by tycoon Vitaly Nesis and his partners, currently holds approximately 24% of the shares in Polymetal International. The remaining shares, constituting more than 75%, are in free float.
9.2.12 Mines and Minerals - steel & iron
The UK has again prolonged a license of UK-based mining giant Evraz,
154 RUSSIA Country Report July 2023 www.intellinews.com