Kinross Gold Corp. agreed to sell its Russian assets to a company controlled by mining magnate Vladislav Sviblov for $680 million, keeping a pledge to exit the country after the invasion of Ukraine.

Most of the cash in the sale to Highland Gold Mining Ltd. is deferred. Kinross is to receive $100 million on closing and $150 million next year, with the rest due between 2024 and 2027, the Toronto-based gold producer said in a statement.

Kinross had indicated at first it would carry on with its Russia operations, which are in the country’s Far East and were projected to provide about 13 percent of the company’s production this year. But it changed course in early March, suspending operations at its Kupol mine and Udinsk project and beginning the search for a buyer.

The deal is subject to Russian government approval and the completion of ancillary agreements, “which is a potentially significant hurdle,” National Bank Financial analyst Mike Parkin said in a note. Still, the deal is “fair to good value given the circumstances,” he said.

Sviblov’s Fortiana Holdings Ltd. took over Highland in 2020 after buying a 40 percent stake from billionaire Roman Abramovich and other investors in a deal that valued the Russia-focused miner at about $1.4 billion.