Severstal loses $400 mln due to freezing of Western accounts, warehouses after sanctions

ST. PETERSBURG. Nov 30 (Interfax) - Severstal has lost $400 million due to the freezing of Western accounts and warehouses, Alexei Mordashov, Severstal's chairman of the board of directors, said at a plenary meeting at the Russian Industrialist forum.

"We all understand that it's currently very difficult to return foreign currency revenue to the country, impossible to a certain degree. For example, we, Severstal, have lost $400 million, slightly more, stranded in Europe, frozen in the form of inventory, account balances. We won't receive it until sanctions are lifted," Mordashov said.

Severstal and main owner Mordashov have been subject to United States blocking sanctions since June. Mordashov was sanctioned by the European Union in the spring.