Russian central bank enforces state buyout offer for gold miner UGC shareholders

Reuters | October 8, 2025 | 9:46 am Markets Russia and Central Asia Gold

Central banks sell gold for first time in a decade

Russia’s central bank, one of the world’s largest gold buyers, has now halted all purchases. Credit: Kuba/Wikimedia

Russia’s central bank said on Wednesday it had sent a letter to the state property agency asking it to offer a mandatory buyout to minority shareholders in gold miner UGC.

The statement confirmed an earlier report by Reuters about a legal violation by the government, which failed to make the offer after seizing a majority stake in UGC.

“According to current legislation, when acquiring a large stake exceeding 30% of shares, the shareholder is obliged to offer minority shareholders the opportunity to sell their securities,” the central bank said in comments mailed to Reuters. “The Bank of Russia, in accordance with its authority, ensures that these corporate rules are observed.”

(By Elena Fabrichnaya and Gleb Bryanski; Editing by Mark Heinrich)