World News

UK sanctions Russian steelmaker Evraz

31views


Russian mining company Evraz, which Britain said produces 28% of all Russian railway wheels and 97% of rail-tracks in Russia and whose biggest shareholder is sanctioned billionaire Roman Abramovich, had its asset frozen today

Evraz the russian mining company had its asset in UK frozen on May 5, 2022 due to Russian invasion of Ukraine.
| Photo Credit: evraz-north-america/company/linkedin

Russian mining company Evraz, which Britain said produces 28% of all Russian railway wheels and 97% of rail-tracks in Russia and whose biggest shareholder is sanctioned billionaire Roman Abramovich, had its asset frozen today

The British government said on Thursday it had sanctioned steel manufacturing and mining company Evraz, whose biggest shareholder is sanctioned billionaire Roman Abramovich, in response to Russia’s invasion of Ukraine.

“The steel manufacturing and mining company operates in sectors of strategic significance to the Government of Russia,” the government said.

“Today’s asset freeze means no UK citizen or company can do business with them.”

Britain said Evraz produces 28% of all Russian railway wheels and 97% of rail-tracks in Russia, making it of vital significance as Russia uses rail to move key military supplies and troops to the frontline in Ukraine.

Shares in Evraz have been suspended from trading since March 10, when Britain imposed sanctions on Abramovich. The firm said on March 11 that 10 members of its board had quit, leaving only the chief executive.



Our code of editorial values



Source link

Leave a Response