Evraz PLC (LSE:EVR), Russia’s largest steel producer, said it does not consider itself to be subject to the sanctions against Russia following the country's invasion of Ukraine.
“For the purposes of The Russia (Sanctions) (EU Exit) Regulations 2019, the company does not consider itself to be an entity owned by, or acting on behalf or at the direction of, any persons connected with Russia and thereby caught by such legislation,” it said in a statement.
The London-listed company said to date there had been no material direct impact on day-to-day operations, trading or its financial position, although it said that international sanctions against Russia and the restrictions imposed by Russia have created some frictions in supply, logistics and financial flows.
“In relation to certain shareholders of the company (namely, Mr Roman Abramovich, Mr Alexander Abramov and Mr Alexander Frolov), the company cannot be certain as to whether such individuals are "connected with Russia" for the purposes of paragraph 16(4D) of the Regulations, but has reached the above view based on the information it has previously been provided with,” Evraz said.
Abramovich is the company’s biggest shareholder, with a 29% stake, while chairman and fellow Russian oligarch Abramov has a 19% interest and Frolov owns almost 10%.
Evraz and Russian miner Polymetal International PLC (LSE:POLY) are set to be relegated from the FTSE 100 index in the latest reshuffle.
READ: Russian miners head for the door in latest FTSE 100 reshuffle
Shares in the steelmaker, which have dropped as much as 91% this year, were up 16% in early morning trading.
The company said it was “deeply concerned and saddened by the Ukraine-Russia conflict and hopes that a peaceful resolution will be found soon.”
Shares in Polymetal were also higher today after it said it continued to be unaffected by ongoing sanctions in Russia.
READ: Polymetal shares soar as group reassures investors on Russia risk