U.S. sanctions Armenian company stealing gold from Azerbaijan

The United States imposed sanctions on GeoProMining - the company, which holds most of the shares of Armenia's Zangezur Copper-Molybdenum Combine.

On February 23, 2024, the U.S. introduced another sanctions package against Russia, targeting more than 500 people and entities. The restrictions were introduced jointly by the the US Department of State, the Department of the Treasury and the Department of Commerce.

The list includes the GeoProMining mining company with assets in Armenia, including the Zangezur Copper-Molybdenum Combine and GeoProMining Gold, which operates the Zod (Sotk) gold deposit, the Ararat gold recovery plant and the Agarak Copper-Molybdenum Combine.

The company owned by Russian billionaire Roman Trotsenko illegally exploited gold deposits in Azerbaijan's Kelbajar region during the period of its occupation.

But Roman Trotsenko is no longer the controlling shareholder, while his son Gleb also sold his assets in Geopromining Gold and the Zangezur Copper-Molybdenum Combine, so he was replaced by Russian citizen Svetlana Ershova, affiliated with the Trotsenko family.