Trading in Evraz Steel halted in U.K. after Britain imposes sanctions on Russian oligarch
CBC
A billionaire with close ties to the Kremlin has been sanctioned by the British government, resulting in trading in Evraz being suspended on the London Stock Exchange.
On Thursday, the United Kingdom placed billionaire Roman Abramovich on a sanctions list, due to his links with Russian President Vladimir Putin.
The sanctions mean that Abramovich's assets in the U.K. are frozen, and he cannot enter or stay in Britain.
Among other holdings, Abramovich owns 28.6 per cent of shares in Evraz, a massive steel company with Canadian plants located in Regina, Calgary, Camrose, Alta. and Red Deer, Alta.
Soon after the sanctions were announced, Britain's financial watchdog suspended trading on Evraz. Before trading was suspended, shares in the company dropped 16 per cent after the sanctions were announced.
According to Britain's official sanctions list, the government was concerned about Evraz's potential role in Russia's invasion of Ukraine.
"Evraz PLC is or has been involved in providing financial services, or making available funds, economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine – which includes potentially supplying steel to the Russian military which may have been used in the production of tanks," read the list.
On Monday, Canada added another ten Russians to its sanctions list. However, Abramovich has not been added to that list so far.
Last week, Deputy Prime Minister Chrystia Freeland told reporters that Canadian companies could be collateral damage as Canada considers sanctioning Russian oligarchs with ties to Putin.
Abramovich also owns famed west London football club FC Chelsea. The sanctions mean he cannot sell the football team and Chelsea cannot sell new tickets to matches.
Abramovich's spokeswoman declined immediate comment to Reuters.
