London-based mining company Petropavlovsk is considering selling its mines in Russia and is collapsing in London. Petropavlovsk's operating assets include three mines and a processing plant in a border area with China in eastern Russia.

Specialized in gold mining in the Russian Far East, the company had announced that it was studying the possibility of separating from its operational subsidiaries due to the consequences of the sanctions. The company explains that it is particularly affected by the British sanctions, which do not target it directly but affect the Russian bank Gazprombank, with which it sells its gold production and has credit facilities.

Petropavlovsk was down 20.33% to 2.39 pence on the London Stock Exchange on Thursday shortly after 10:00 GMT, having lost more than 87% of its value since the beginning of the year. The company also warns of legal difficulties in getting cash out of Russia, which could seriously complicate the payment of some of its creditors.