Chechen Businessman Buys Stake in Gold Mining Company at Final Auction

June 19, 2026 ugold.ru A construction company owned by Chechen-born billionaire Ruslan Baisarov was declared the winner of a government auction to sell one of Russia’s largest gold producers, the news outlet RBC reported on Friday. Russia’s federal auction portal showed BTS-Most Holding as having submitted the winning bid of 93.16 billion rubles ($1.27 billion) for a 67.2% stake in the Yuzhuralzoloto Group of Companies (YUGK). The original value of the stake was set at 162 billion rubles ($2.25 billion). However, it was lowered significantly during subsequent auction rounds. Friday’s was the fourth and final attempt to sell YUGK after the first three auctions held over the past month were declared invalid. The auction price plunged to nearly 81 billion rubles ($1.1 billion) before the bidding war ensued among the remaining participants, the Vedomosti business newspaper reported, citing unidentified sources. Baisarov is under British sanctions as chairman of the board of the BTS-Most Holding, which specializes in transportation infrastructure. The U.K. accuses Baisarov of benefiting from or supporting the Russian government as the head of a strategically significant company. YUGK and its affiliates were seized last July on allegations that its former owner, the billionaire lawmaker Konstantin Strukov, had used his position in the Chelyabinsk regional legislature to illegally take control of the assets. The Russian government has confiscated hundreds of private companies worth tens of billions of U.S. dollars since the full-scale invasion of Ukraine. Read more about: Mining , Business Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Son of Russian Security Chief Acquires Stake in Large Far East Gold Project If the projected gold resources are confirmed, Tan could rank among Russia's largest undeveloped gold deposits. 2 Min read Russia Says Gold Production Nears 500 Tons, Stunning Industry Analysts No major new mines have entered production in recent years that would explain such a rapid increase in output. 3 Min read Feature 'Harmful by Nature': Bashkortostan's Controversial New Mining Project Could Have Global Impacts Activists warn the planned mine at Kyrktytau could harm ecosystems as far away as Kazakhstan — and its copper could be shipped as far as the EU. 6 Min read Russia Moves to Nationalize Country’s Third-Largest Gold Mining Firm Prosecutors allege that billionaire Konstantin Strukov used his government position to illegally acquire control of Yuzhuralzoloto. 2 Min read