CEO of sanctions-hit Nordgold steps down

Nordgold’s Gross project in Russia. Credit: Summa N.K. Co. Ltd.

Russia-focused gold producer Nordgold, which has been hit by harsh US sanctions, said on Tuesday that its Chief Executive Nikolai Zelenski had stepped down from the company on June 17 to pursue personal investment opportunities.

“There has been no decision on a new CEO appointment. The company will inform the market on the appointment in due course,” Nordgold added.

The United States and other Western countries have imposed unprecedented sanctions on Russia’s economy since Feb. 24, when Moscow sent thousands of troops to Ukraine.

Washington imposed sanctions on businessman Alexey Mordashov, one of Russia’s wealthiest people, members of his family and their companies including Severstal, a major steel producer, and Nordgold earlier in June.

Nordgold produces about one million troy ounces of gold a year from eight mines in Russia, Burkina Faso, Guinea and Kazakhstan.

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