Petropavlovsk Notes the Inclusion of Gazprombank

Source: www.gulfoilandgas.com 3/25/2022, Location: Asia

Petropavlovsk PLC ("Petropavlovsk" or the "Company" and, together with its subsidiaries, the "Group") notes the inclusion of Gazprombank ("GPB") on the UK Sanctions List and the designation of GPB for the purposes of an asset freeze under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Regulations") on 24 March 2022 and the general licence (INT/2022/1424276) of wind down of positions involving various designated banks (including GPB).

The Group has substantial commercial and financial relationships with GPB and its subsidiaries, including a US$200 million committed term loan between the Company and Bank GPB (JSC) (the "Term Loan") and circa US$86.7 million in revolving credit facilities made available to certain of the Company's subsidiaries in Russia . It is a condition of these facilities and the Term Loan that GPB acts as an off-taker of 100% of the Group's gold production.

GPB's designation under the Regulations for the purposes of an asset freeze prohibits further sales of gold by the Group to GPB at present, and restrictions on purchasing and selling gold in Russia may make it challenging to find an alternative purchaser for the Group's gold output. The Company also notes that an interest payment of US$560,000 is due to be paid today under the Term Loan; however, the Company is currently prohibited from making such payment under the Regulations.

The Company is urgently considering with its advisers the implications for the Group's activities and financing arrangements resulting from GPB being designated for the purposes of an asset freeze. A further announcement will be made in due course.

Petropavlovsk reconfirms that none of the companies in the Group has to date been named in the sanctions against Russia announced by the United Kingdom, United States, European Union, and other nations.


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