UK Lists Russian Steel Company, Issues General License Over Company
The U.K. added Russian steel manufacturing and mining company Evraz to its Russia sanctions regime, the Office of Financial Sanctions Implementation said in a May 5 notice. The company is now subject to an asset freeze. Per a statement from the Foreign, Commonwealth & Development Office, Evraz makes 28% of all Russian railway wheels and 97% of Russian railtracks. The OFSI notice listing Evraz also corrected eight entries under the Russia sanctions regime.
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Concurrent with the sanctions announcement, the U.K. also published a General License on the continuation of business with Evraz's North American subsidiaries. The license permits until Sept. 2 the continuation of business operations with Evraz North America, Evraz Inc. NA and Evraz Inc. NA - Canada for payments to or from the subsidiaries under contracts or obligations and payments to or from any third party under any obligations, as well as the receipt of payments made by the subsidiaries for audit services. Businesses will be allowed to engage with Evraz North America to pay for audit services.