Gold mining problems with banks 💰

Gold bars

Perhaps mining gold when its value appreciates in inflationary times, as a hedge against money printing, would be a fairly safe factor. Certainly Petropavlovsk, in turn, considered this largely unscathed.

Everyone knows the sanctions that have been imposed on Russian companies. But nothing is imposed on Petropavlovsk itself, nor on its directors or investors. The company continued its gold mining and liquidation operations smoothly. But the problem was the imposition of penalties on the company's bank, Gazprombank.

The POG has to turn over the gold production to the bank to dispose of the loan. The problem is that POG did not have a gold export license despite the ease of obtaining the license, as it only made the Gazprombank export system instead.
But now the sanctions are done.
Petropavlovsk got worried. You cannot offer refined gold to repay the loan at Gazprombank simply because it is a system that has been subject to sanctions and therefore this is against the loan agreement.