ASX-listed Russian coal miner fights sanctions, taps China
afr.comA Russian coal miner listed on the ASX will keep digging and shipping coal from Siberia to China despite the Foreign Affairs Department advising they are “likely” to be in breach of Australian sanctions imposed following Vladimir Putin’s invasion of Ukraine.
ASX-listed Tigers Realm Coal, partly owned by Russia’s state investment firm, said on Tuesday it had struck deals to supply coal to at least four Chinese clients and planned to target Indian and Vietnamese buyers. These countries do not adhere to global sanctions imposed following Russia’s invasion of Ukraine.
Russian President Vladimir Putin invaded Ukraine in February 2022, triggering a wave of sanctions. Reuters
“New Chinese client relationships were developed enabling Tigers to sell in China and to receive advance payments when both lines of credit and trade lines were practically not available,” Tigers’ chief executive Dmitry Gavrilin told the AGM from the firm’s office in Moscow.
Tigers has operated thermal and coking coal mines in Siberia since 2017, and in April told shareholders the Department of Foreign Affairs and Trade had advised its operations are likely to be in breach of Australia’s sanctions law.
The miner – one of the last remaining Australian firms operating in Russia 18 months after the invasion – launched legal action in June against DFAT, hoping to have the department’s opinion overturned.
“DFAT’s indicative assessment is that the operations are likely to be prohibited by, or subject to authorisation under regulation 4A of the Australian Sanctions Regulations, which relates to sanctioned imports,” the company told investors in April.
Tigers’ chairman Craig Wiggill told the AGM on Tuesday the miner was not seeking an exemption, because it
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