May 9, 2022

UK sanctions major Russian steel manufacturer

On May 5, 2022, the UK Foreign, Commonwealth & Development Office announced that it imposed sanctions upon Evraz plc, a major manufacturer of Russian steel, pursuant to The Russia (Sanctions) (EU Exit) Regulation 2019 (SI 2019/855).  As a result of these sanctions, Evraz is now subject to an asset freeze.  Evraz, which has produced 28 percent of all Russian railway wheels and 97 percent of rail-tracks in Russia, was sanctioned in an effort to deter the movement of key military supplies and troops via railway to the frontline in Ukraine.  Evraz is also a major employer in Russia; therefore, sanctions are intended to reduce the financial reserves for Putin’s unjustified invasion and support Ukraine’s continued resistance.

UK Government Press Release | OFSI Financial Sanctions Notice