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The economic consequences of Russia’s invasion of Ukraine continue to mount. On May 5, the British government announced it is sanctioning Evraz PLC, the giant steel company whose largest shareholder is Roman Abramovich, the wealthy Russian industrialist.
In a statement, the British Foreign Office said it was taking the step because of the central role Evraz plays within Russia’s economy. (The company has its headquarters in London).
“Evraz PLC produce 28% of all Russian railway wheels and 97% of rail-tracks in Russia. This is of vital significance as Russia uses rail to move key military supplies and troops to the front line in Ukraine,” the Foreign Office said.
“Along with existing measures, this action will further deter companies operating in strategic sectors in Russia. Today’s asset freeze means no UK citizen or company can do business with them. Evraz PLC’s core operations are in Russia where they are a major employer. These sanctions will further chip away at Putin’s financial reserves and siege economy, and support Ukraine’s continued resistance.”
Evraz owns a large steel rolling mill in North Portland, acquired in 2007 when it purchased the company then known as Oregon Steel. The company also operates a mill in Pueblo, Colo., and four facilities in Canada. So far, the U.S. government has taken no action to curtail the company’s operations.
The U.K. and Canada announced sanctions against Abramovich in March. The U.S. did not, reportedly at the request of Ukrainian officials who hoped he could play a role in negotiating an end to the invasion.