According to a report in UK newspaper the Guardian, the UK government has placed sanctions on Evraz, the multinational steelmaker part-owned by the billionaire Roman Abramovich that was formerly counted among Britain’s biggest companies.
The Foreign Office said on Thursday that Evraz ‘operates in sectors of strategic significance to the government of Russia” and the action would “further chip away at Putin’s financial reserves and siege economy, and support Ukraine’s continued resistance’.
Evraz’s registered office is in London’s Mayfair district, but it has vast mining and steelmaking operations in Russia, with more than 70,000 employees.
The UK and allies including the US and EU have used sanctions on Russian companies and businessmen as one of the main tools to respond to the invasion of Ukraine.
The Evraz measure is thought to be the first time a former FTSE 100 member has been subject to sanctions.
“Evraz in Russia supplies long steel to infrastructure and construction sectors for civilian use only.”
Spokesperson for Evraz
An Evraz spokesperson said: “Evraz in Russia supplies long steel to infrastructure and construction sectors for civilian use only.”
“Evraz plc produce 28% of all Russian railway wheels and 97% of rail tracks in Russia. This is of vital significance as Russia uses rail to move key military supplies and troops to the frontline in Ukraine.”
Statement from the Foreign Office
In its announcement on Thursday, the Foreign Office said: “Evraz plc produces 28% of all Russian railway wheels and 97% of rail tracks in Russia. This is of vital significance as Russia uses rail to move key military supplies and troops to the frontline in Ukraine.”
It added that the new sanctions would ‘further deter companies operating in strategic sectors in Russia’.
Source: The Guardian