employee
Russian Federation
employee
student
Russian Federation
This study examines the phenomenon of paradoxical stability of PJSC Polyus under sanctions pressure, where formal financial indicators demonstrating stable net profit growth mask the underlying structural problems of a business model based on critical dependence on commodity conditions and a system of alternative economic practices, including offshore shareholder control schemes, shadow operations with precious metals, etc. artificial balancing of financial flows, which creates the illusion of stability in the presence of fundamental risks, associated with a fivefold increase in transaction costs and complete dependence on the price factor, which, with a potential correction of the gold market, can trigger a cascading collapse of the company's financial system, artificially supported by manipulations of reporting and hidden asset redistribution mechanisms, turning the corporation into a classic example of a "commodity bubble" with zero income diversification and pathological dependence on market fluctuations, where The current market capitalization, demonstrating formal growth, is actually a fictitious value., not secured by the real value of the business and completely controlled by a narrow group of insiders through a complex system of offshore jurisdictions and opaque financial schemes.
Polyus PJSC, price dependence, offshore schemes, sanctions risks, shadow mining, market manipulation, operational discounts
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