500 Business Champions: Russian gold billionaire Mordashov faces sanctions

In 2008, Alexeï Mordashov gained a foothold in West African gold through the company now known as Nordgold. Today, the company is a victim of its alleged links with Moscow.

On 8 November 2023, the United Kingdom imposed sanctions on individuals and companies linked to the gold industry, freezing assets and sources of funding in a bid to block a source of revenue that had become essential to the Russian war effort in Ukraine. On the list was Nord Gold Plc, which suffered the same fate as mining companies active in Africa linked to the Russian paramilitary group Wagner, only a few months later.

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