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Russian mining company, Polymetal International announced on Wednesday 25 January it was preparing to shift its listing from the London Stock Exchange to Kazakhstan’s financial jurisdiction. Polymetal stated in its it sought to move to a jurisdiction deemed ‘friendly by the Russian Federation’ which would subsequently ‘unblock the ability to execute further corporate actions.’ The re-domiciliation to a financial hub in Kazakhstan was chosen due to ‘the Group’s significant operations and presence in the region, the AIFC legal system, tax regime, and the ability to execute such a re-domiciliation.’ Polymetal has eight mines in Russia and two in Kazakhstan.

Polymetal expects the move will herald a ‘minor year on year increase.’ In addition, Polymetal anticipates a boost in shareholder value. Sanctions that have plagued the company under the London Stock Exchange do not apply in Kazakhstan. The company would also be able to resume dividends to shareholders after Russian sanctions blocked the practice.

Polymetal is yet another victim of Russian sanctions by the west. The London Stock Exchange suspended trading in 27 Russian companies immediately after sanctions were introduced at the beginning of March. These included Sberbank, EN+, Novateck, TCS Group, and Lukoil amongst others. Evraz plc’s trading was suspended shortly after this announcement, despite being assigned ‘ by the London Stock Exchange.  Another notable exit includes Petropavovsk plc. At the of the company, it cancelled admission to trading on the London Stock Exchange in mid-July 2022.