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CT Holding, led by Russian billionaire Alexander Nesis, sold its entire holding in a gold producer to a Omani state-backed fund.

ICT’s unit closed the deal to sell 23.9% in Polymetal International to a subsidiary of Oman’s Mars Development and Investment, the miner said in a statement Monday. The value of the deal wasn’t disclosed, but the stake was worth about $550-million based on its market value on Friday.

Polymetal, which generates about 70% of its sales in Russia and the remainder in Kazakhstan, re-domiciled from Jersey to Astana last year. It was a first step toward spinning off its Russian business, but the unit was put on sale when it was added to a US sanctions list in May. The parent company as well as the billionaire Nesis are not under sanctions.

The buyer, Maaden International Investment, “has confirmed its full support of Polymetal’s strategy, which includes de-risking the company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region,” Polymetal’s CEO Vitaly Nesis said in the statement.

Maaden, which has become the largest investor in Polymetal, said it supports the management and the board, according to the statement.