Largest gold companies in Russia 2020-2021, by production volume

Polyus was the largest gold mining company in Russia in 2021, having produced approximately 84.5 metric tons of gold. The production by the second leading firm, Polymetal International, was measured at nearly 35 metric tons. Kinross Gold, based in Canada, ranked third with around 15 metric tons. In June 2022, Kinross Gold sold its assets in Russia.

Polyus, the leading gold miner in Russia

Polyus was founded in 2006 following the transfer of gold assets from Norilsk Nickel, a Russian nickel and palladium mining company. In 2021, Polyus’s revenue amounted to approximately five billion U.S. dollars. Moreover, Polyus was one of the most profitable companies in Russia. The company operates six mines in the Irkutsk Oblast, the Magadan Oblast, the Krasnoyarsk Krai, and the Sakha (Yakutia) Republic. In May 2022, Said Kerimov, the major stakeholder in Polyus, transferred 46.35 percent of its shares in the company to the Fund for Support of Islamic Foundations. The Fund, run by the Council of Muftis of Russia and the Muslim Spiritual Board of the European part of Russia, now manages Polyus through Wandle Holdings Limited.

Russian gold mining industry overview

Russia ranks third among the largest gold producing countries worldwide. The Krasnoyarsk Krai is the region with the highest gold production volume, followed by the Magadan Oblast and the Sakha (Yakutia) Republic. As a result of the coronavirus (COVID-19) pandemic, however, the industry suffered noticeable setbacks. Consumer gold demand fell dramatically, hitting a record low 34.8 metric tons in 2020. In June 2022, G7 economic players, including Canada, the United States, France, Italy, Germany, the United Kingdom (UK), and Japan, announced the ban on imports of Russian gold in response to the invasion of Ukraine. The remaining countries of the EU joined the ban in July 2022, as part of the seventh round of sanctions against the country.