Russia's Polyus Gold shelves FTSE 100 move Polyus, which is backed by Russian billionaire Mikhail Prokhorov and potash magnate Suleiman Kerimov, will not now re-domicile in the UK. However, it still plans a full-listing in London. On his resignation as leader of Right Cause, Mr Prokhorov took a broadside at the ruling Russian elite, saying that the organisation had become a Kremlin-controlled puppet party. Mr Prokhorov came third in the recent presidential election, which was decisively won by Mr Putin. The gold miner, which is seen as a national asset to the Russian government, will still fully list its shares in London, but they will not qualify for listing in any of the FTSE indices. The free float, when it completes the listing, will now be more than 20pc. If the company had wanted to enter the UK blue chip index, which would trigger a raft of buying by tracker and UK pension funds, it would need a float of more than 25pc. The company wanted to make the move to raise its international profile as raise funds for the development of its mines. Mr Prokhorov had previously said that the firm wished to merge with another large miner once the listing was complete, but this now seems unlikely. On Friday, Polyus reported a 12pc increase in its gold reserves to 90.5m ounces. Shares in the company's GDRs, which are listed on the London International market, rose 2c to $3.10.