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Evraz PLC on Thursday confirmed Russian billionaire Roman Abramovich's considerable holding in the company, but denied that he had effective control, as well any involvement in supplying the Russian war effort in Ukraine.
Earlier Thursday, Abramovich was sanctioned by the UK for his links to Russian President Vladimir Putin. Branded a pro-Kremlin oligarch, Abramovich was targeted with an asset freeze and a travel ban on Thursday, throwing his plans to sell Chelsea football club into disarray.
The owner of the English Premier League side was one of seven oligarchs slapped with restrictions over Russia's Ukraine invasion, including his former business partner Oleg Deripaska.
UK Prime Minister Boris Johnson has been accused of delaying action against wealthy Russians, and turning a blind eye to Russian money that has coursed through London since the collapse of the Soviet Union.
The PM called the sanctions ‘the latest step in the UK's unwavering support for the Ukrainian people’ while Foreign Secretary Liz Truss said they showed that ‘oligarchs and kleptocrats have no place in our economy and society’.
In addition, the UK Financial Conduct Authority had temporarily suspended the shares of the steelmaker and miner, ‘in order to protect investors pending clarification of the impact of UK sanctions’.
Evraz confirmed that Abramovich holds a 29% interest in the company via Greenleas International Holdings Ltd, and is entitled to appoint up to three directors. So far, he has appointed two directors.
However, the company said it does not consider him as having effective control of Evraz, due to not holding more than 50% of shares, and is not able to ensure company affairs are conducted in accordance of his wishes.
In addition, Evraz denied that is was involved in providing any financial or economic contribution towards the destabilisation of Ukraine, including the potential supply of steel to Russia for the production of tanks.
The company said that it supplies long steel only to infrastructure and construction sectors.
By Heather Rydings; heatherrydings@alliancenews.com; updated by Dayo Laniyan; dayolaniyan@alliancenews.com
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