Putin authorizes transfer of 93.2% of Raspadskaya, 51% of Timir shares from Evraz Plc to Evraz KGOK
MOSCOW. Nov 25 (Interfax) - JSC Evraz Kachkanarsky Mining and Processing Plant (Evraz KGOK), based in the Sverdlovsk region, has received approval for a transaction that will make it the owner of 93.2% of the shares of PJSC Raspadskaya and 51% of the Timir mining and metallurgical company, previously held by Evraz Plc.
Russian President Vladimir Putin signed the relevant order, on a special decision on the execution of transactions involving JSC Kachkanarsky Mining and Processing Plant.
Evraz KGOK sued Evraz Group SA in the Moscow Arbitration Court for 196.7 billion rubles and $172.8 million in the spring, and filed a motion to seize the respondent's stakes in Russian companies. Evraz Plc was later named as a co-respondent. The case was heard behind closed doors, and Evraz KGOK's claim was granted in June.
The government included another division of the group, steelmaker Evraz Nizhny Tagil Metallurgical Plant (Evraz NTMK) in the list of economically significant organizations in January 2025. The Moscow Region Arbitration Court decided to suspend the corporate rights of Evraz Plc in Evraz NTMK in July. Evraz said at the time that it planned to consolidate its Russian assets around Evraz NTMK, which will be renamed PJSC Evraz after the completion of all necessary procedures and then go public. The new company's shares are expected to start trading on the Moscow Exchange in the first half of 2026.
Evraz NTMK sued Evraz Plc for 97.6 billion rubles in the Moscow Arbitration Court in June, seeking to recover this amount be recovered through the disposal of the respondent's assets in Russia. The next hearing will be held on February 2.
The Evraz Group's Russian plants have been on the U.S. Treasury's SDN List since 2024. Evraz, as well as its main shareholders as of the end of 2021, namely Roman Abramovich with 28.6%, Alexander Abramov with 19.3% and Alexander Frolov with 9.7%, have also been on UK sanctions lists since 2022.
