Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Evraz denies supplying steel to Russian military

22nd Jul 2022 09:47

(Alliance News) - Evraz PLC on Thursday stressed that its products are supplied in Russia only for civilian use in the infrastructure and construction sectors.

Saying it was responding to recent press reports, the Russian steelmaker said it was not aware of its products being used for military purposes in the invasion of Ukraine, and referred to its sanctions compliance system formed in 2014, which screens all customers to identify potential red flags, as well as secure their civil use via special clauses in contracts.

"Suggestions about potential use of Evraz's steel, vanadium and other products for military purposes indicate not only the misunderstanding of steel industry's base principles, but the lack of knowledge about Evraz's product range as well," the company stated.

Shares in Evraz have remained suspended since March, when the UK Financial Conduct Authority acted "in order to protect investors pending clarification of the impact of UK sanctions".

Evraz was added to the UK government's sanctions list in May. Evraz's main shareholder is Russian oligarch Roman Abramovich, who was already under sanctions, and its main operations are in Russia.

By Dayo Laniyan; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

FTSE 100 Latest
Value7,706.28
Change21.79