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Russian gold miner Polyus PJSC has announced its largest shareholder Said Kerimov has divested a 29.99% stake in the company to Akropol Group.

Kerimov’s Wandle Holdings has divested 40.8 million shares.

Following the divestment of the stake in Polyus, Kerimov has cut down his interest from 76.34% to 46.35%, reported Mining Weekly.

Although the price has not been disclosed, the value of the stake based on Monday’s closing price stands at about $6.3bn, reported Bloomberg.

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Polyus’ primary operations are located in Siberia and the Russian Far East.

Said Kerimov is the son of sanctioned Russian billionaire Suleiman Kerimov.

Although Suleiman Kerimov has been sanctioned by the US, UK and EU for alleged money laundering and his links to the Russian government, Said hasn’t been put on the sanctioned list.

People familiar with the discussions told Bloomberg News that Said is being considered for sanctions by the EU.

According to a filing, the Kerimov family moved the base of Wandle from Jersey, UK, to Cyprus.

As per the Bloomberg Billionaires Index, Suleiman Kerimov is the country’s ninth-richest person holding a net worth of $14.5bn. In 2015, he transferred his stake in Polyus to Said.

In 2018, the US imposed sanctions on Suleiman for allegedly carrying around €20m at a time in suitcases to France without informing the tax authorities.