Polymetal International PLC (LSE:POLY) shares dipped 7% on Monday morning after the precious metals miner hinted Russian subsidiary JSC could be sold in the wake of American sanctions.
“In the light of recent developments [we] have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries,” the company said on Monday.
An update would be provided in late June “if any” opinions become available, Polymetal added.
Polymetal also confirmed chief executive Vitaly Nesis and financial chief Maxim Nazimok were among management to cut ties with the firm’s Russian wing, which no longer has service agreements with, nor will make payments to, its UK counterpart.
Shares fell 7% to 177p, before rebounding slightly to 184p, a drop of 3% on Monday’s opening.