News: Russia Nationalizes its Gold
Mercantilism means protecting Gold supply by Any Means Necessary
Kremlin Targets Gold Tycoon in bid to Nationalize, ring fence gold reserves
GFX Newswire | July 11, 2025
Bottom Line
MOSCOW | Russian prosecutors have moved to seize the assets of billionaire Konstantin Strukov, marking a stark turn in the Kremlin’s crackdown on oligarchs deemed insufficiently obedient. Strukov, long considered loyal to President Vladimir Putin, now faces criminal charges, asset forfeiture, and political exile.
The Story
Konstantin Strukov, once seen as a model Kremlin-aligned tycoon, is being stripped of control over Uzhuralzoloto, Russia’s third-largest gold producer. Prosecutors are pressing corruption charges and have asked the judiciary to transfer all of Strukov’s assets—domestic and offshore—into state hands. He was reportedly detained on July 5 while attempting to fly to Turkey, with his passport now invalid.
The move underscores a shift in Kremlin expectations from loyalty to submission. Strukov is accused of moving wealth abroad, shielding assets under his daughter’s name in Switzerland, and financing a lavish lifestyle. The campaign comes as Russia intensifies nationalisations across key sectors, including grain and mining, to shore up economic control amid sanctions and war spending fatigue.
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Authorities are also investigating environmental and safety violations at Uzhuralzoloto sites, where fatal accidents have occurred. The FSB searched company offices in Moscow in early July.
Strukov, who once held political office and received state honors, is being used as an example, analysts say, to send a warning to oligarchs: public support for the state is no longer enough—private assets and personal conduct must also align with Kremlin strategy.
Since early 2025, Moscow has accelerated seizures of strategic assets, recouping an estimated $30 billion. The state previously targeted foreign corporate remnants; now, domestic empires are also vulnerable.
Strukov joins a growing list of elites falling out of favor. His removal signals a broader effort to reassert state control over gold, agriculture, and other strategic sectors. Analysts see it as a preemptive response to slowing wartime economic stimulus and rising recession risks.
