UK sanctions against Abramovich shouldn't apply to Evraz - company

MOSCOW. March 10 (Interfax) - UK sanctions against Roman Abramovich, who owns 28.64% of Evraz plc, should not apply to the company itself.

"The company considers that the UK financial sanctions shall not apply to the company itself," the steel and mining giant said in a statement.

Abramovich is entitled to appoint up to three directors to Evraz’s board of directors, which is currently composed of 11 members, including six independent non-executive directors. Over the last five years, only two directors have been appointed by Abramovich, the company said.

​Evraz “does not consider Mr Roman Abramovich as a person exercising the effective control of the Company as he does not hold (directly or indirectly) more than 50% of the shares or voting rights in the Company; has no right (directly or indirectly) to appoint or remove a majority of the board of directors of the Company; is not able to ensure the affairs of the Company are conducted in accordance with his wishes […],” the company said.

​“Furthermore, the Company denies the statement that it is or has been involved in providing financial services, or making available funds, economic resources, goods or technology that could contribute to destabilising 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,” Evraz said.

​The company “confirms that it supplies long steel to infrastructure and construction sectors only.”

​Evraz is a major vertically integrated steel and mining company and one of the largest producers of vanadium in the world. The company’s largest shareholder is Abramovich with 28.64%; Alexander Abramov controls 19.32% through Abiglaze Ltd., Alexander Frolov controls 9.65% through Crosland Global Ltd., Gennady Kozovoi owns 5.74%, and Maxim Vorobyovholds 3.01% of shares.