Evraz Says Abramovich Shareholding Shouldn't Expose it to UK Sanctions
March 10 2022 - 11:58AM
Dow Jones News
By Kyle Morris
Evraz PLC said Thursday that it doesn't think U.K. financial
sanctions over Russia apply to the company itself, and that it
isn't involved in activities that could contribute to destabilizing
Ukraine.
The steel and mining company, which operates mainly in Russia,
confirmed that Russian oligarch Roman Abramovich--the billionaire
owner of Chelsea FC who was sanctioned by the U.K. on Thursday--has
417.8 million shares in the company, or 28.64% of the issued
capital.
Evraz said that over the last five years, only two directors
have been appointed by Mr. Abramovich, and that it therefore
doesn't consider him as a person exercising the effective control
of the company.
The company hasn't "been involved in providing financial
services, or making available funds, economic resources, goods or
technology that could contribute to destabilizing 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 said.
Evraz said it supplies long steel to the infrastructure and
construction sectors only.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
March 10, 2022 11:43 ET (16:43 GMT)
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