Evraz shares suspended after Roman Abramovich sanctions Business

The notice stated that this was done in part through his partial control of Evraz.

“Evraz is or has been involved in the provision of financial services, or the provision of funds, economic resources, goods or technologies which could contribute to destabilizing Ukraine or to undermining or threatening the territorial integrity, the sovereignty or independence of Ukraine,” he added.

This included “the potential supply of steel to the Russian military which could have been used in tank production”.

Evraz said he “does not consider Mr. Roman Abramovich to be a person in effective control of the company.”

It also denied taking any action that could contribute to the destabilization of Ukraine or its sovereignty and said it “only supplies long steel to the infrastructure and construction sectors”.

Evraz added: “The company considers that the UK financial sanctions will not apply to the company itself.”

Its shares had fallen 14% before the suspension was announced.

The company said on Wednesday that it was “deeply concerned and saddened by the conflict between Ukraine and Russia and hopes that a peaceful solution will be found soon”, but did not voice any criticism of the Russian government. , which has been condemned by the international community for attacking Ukraine.

He insisted that he “does not consider himself to be an entity owned by, or acting on behalf of or at the direction of anyone connected with Russia and therefore subject to” the sanctions legislation.

The company also said it “cannot be certain” that Mr. Abramovich or his other major shareholders Alexander Abramov and Aleksandr Frolov were “connected to Russia” for the purposes of the sanctions.

According to official sanctions released Thursday, Abramovich “is a prominent Russian businessman and pro-Kremlin oligarch…associated with someone who is or has been involved in the destabilization of Ukraine and undermines and threatens the territorial integrity, sovereignty and independence of Ukraine, namely Vladimir Putin, with whom Abramovich has had a close relationship for decades”.

Mr. Abramov, another oligarch, is an industrial tycoon and former scientist who is the chairman of Evraz. Mr. Frolov is the managing director of Evraz.

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This notice was published: 2022-03-10 12:49:59

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