18 Mar 2022 15:21

Rashnikov to think about moving away from control of MMK: useless to appeal sanctions, co having problems with payments

NOVOABZAKOVO. March 18 (Interfax) - Viktor Rashnikov, the beneficiary of Magnitogorsk Iron & Steel Works (MMK), does not plan to appeal against being included in the EU sanctions list and will think about moving away from control of the company.

"Appeal against this is useless, there are other standard measures where you move away from a controlling stake (...). We are working today, we will think on this," he told reporters.

Commenting on the situation at the steel works, he said the company had already begun to experience problems with making payments.

"Regarding the plant, there's a problem. Everyone turned round their back on us literally immediately, we couldn't make payments normally. That's it now, they've closed the circle. But we'll get through it, we have our team, and experienced managers," he said.