Russia managed to sell a 67.2% controlling stake in one of its largest gold producers, Yuzhuralzoloto, for 93 billion rubles, roughly $1.3 billion. The buyer is Moscow-based BTS-Most Holding, and the sale closed on June 19.
Here’s the thing: this wasn’t Russia’s first attempt. Three prior auctions in May and June all failed because no qualified bidders showed up. The initial asking price was 162 billion rubles, about $2.2 billion. The final sale came in at nearly half that figure.
A fire sale by any other name
Russia’s Federal Property Management Agency, known as Rosimushchestvo, had valued the stake at up to 140.4 billion rubles (approximately $1.85 billion) back in April 2026. The first auction on May 18 set the opening bid at 162 billion rubles. Nobody bit.
A second attempt on May 26 produced the same result. Then a third try on June 10. Same outcome. Three auctions, zero qualified bidders.
