Russian gold miner Petropavlovsk has warned investors could be wiped out as it struggles to refinance its debt amid sanctions against Moscow. Petropavlovsk warned it is 'not currently clear what return, if any, may be secured for shareholders or the holders of the Bonds or Notes as a result of this process'. Last month, Petropavlovsk revealed it had been unable to pay interest on a loan with Gazprombank due to sanctions. Petropavlovsk shares, which are still listed in London, tumbled more than 20 per cent in early trading and were 17 per cent lower at just 2.5p at markets close. The companies were barred from holding positions on the FTSE 100, FTSE 250, FTSE 350 and FTSE All-Share Index.

Source: Daily Mail April 14, 2022 17:02 UTC