The sanctions against Russia list has undergone a significant update by the UK. It has been restocked by a number of publicly traded businesses, a number of banks, and directors of a number of state-owned businesses. From May 18, sanctions will be imposed on AFK Sistema, Polyus, Severstal, Magnitogorsk Iron and Steel Works, TMK, OMK, RMK, Fesco Group, and Chelyabinsk Iron and Steel Works (Mechel Group), according to the UK Treasury.
“Restrictions on the company from the UK were in effect before, for example, the controlling shareholder of Severstal was previously included in the sanctions list of the country. Therefore, additionally imposed sanctions will not affect the company’s activities,” Severstal says.