The shares and bonds of Severstal and Nordgold which have been frozen due to the sanctions will be temporarily unblocked by OFAC. Access to the securities will be permitted through August 31.
A clause has been added to OFAC's license to sell or transfer securities to Severstal and Nordgold, in effect until the end of this month.
Along with Alexei Mordashov and his family members, Severstal and Nordgold were included on the SDN List.
Nordgold, which has a $400 million issuance of Eurobonds due in 2024 invited bondholders to bid for the redemption of their securities soon after the sanctions were implemented. Even before being on the SDN List, both Nordgold and Severstal had problems servicing their Eurobonds after Mordashov was placed on the EU sanctions list in the spring.
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