Evraz does not believe that UK's Russia sanctions will apply to it

10th Mar 2022 16:26

(Sharecast News) - Evraz distanced itself from one of its top shareholders, Roman Abramovich, after the UK government placed him on a list of sanctioned individuals, and explained why it believed that it would not be sanctioned..

Although Abramovich owned 28.64% of the steelmaker, he did not have the right to appoint or remove a majority of the company's board, nor was he able to guarantee that the affairs of Evraz are conducted in accordance with his wishes, the company said in a statement.

"Furthermore, the Company denies the statement that it is or has been involved in providing financial services, or making available funds, economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine - which includes potentially supplying steel to the Russian military which may have been used in the production of tanks," it added.

Sanctions against Abramovich and five other top Russian billionaires linked to the Kremlin had been announced earlier during the session, before trading in the company's shares were halted as they dropped 12.59% to 80.89p.