Evraz left without UK auditor as sanctions force EY to terminate

9th Nov 2022 16:02

(Sharecast News) - Russian steelmaker Evraz announced on Wednesday afternoon that EY had ended its relationship with the company as its auditor.

The firm said EY made the move due to the sanctions currently placed on Evraz.

Evraz came under UK sanctions in early May amid Russia's ongoing invasion of Ukraine.

The sanctions were due to the key role it plays in the Russian steel industry, and in turn the industry's support of the Russian military.

"So far, the company has been unable to find a UK audit firm or a UK auditor willing to replace EY as the company's statutory or the group's auditor," the board said on Wednesday.

Last week, sanctions were also extended to two Evraz shareholders - Alexander Abramov and Alexander Frolov - both described as business associates of Roman Abramovich.

Reporting by Josh White for Sharecast.com.