(Bloomberg) -- Polymetal International Plc plans to sell its Russian assets in an effort to shield its remaining business from sanctions.

The Cyprus-registered gold miner is evaluating a potential disposal and has appointed advisers, it said in a statement. If a deal is reached, Polymetal will focus primarily on assets it owns in Kazakhstan, the company said.

Polymetal and its shareholders, including billionaire Alexander Nesis, haven’t been targeted by international penalties, but sanctions on Russia weigh on every company with assets in the country. The European Union last week proposed new measures banning the “import, purchase or transfer” of Russian gold, a draft document showed. The miner’s shares were excluded from indexes following Russia’s invasion of Ukraine. 

A sale would allow the market to “appropriately” value its assets in Kazakhstan and reduce risk, Polymetal said. “The potential transaction would also increase the likelihood of the company’s ability to re-enter all the relevant equity and sustainability indices and regain a significantly wider institutional audience.”

Read more: EU Proposes New Russia Sanctions, Fixes to Earlier Actions

Polymetal’s Russian business accounts for about 70% of its sales, with the rest coming from Kazakhstan.

The company started to consider splitting its Russian and Kazakh operations in March. Chief Executive Officer Vitaly Nesis said the following month that the firm was studying the potential benefits of such a move for investors, adding that its primary London listing remains important.

The miner’s shares jumped 41% in London before the announcement on Tuesday and traded up 29% at 2:42 pm. 

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