Evraz has revealed it is “deeply concerned and saddened” by conflict in Ukraine, and “hopes that a peaceful resolution will be found soon”, but has stopped short of condemning the Russian government and chose not to describe the events as an invasion.
The steel and mining giant has posted an update to the London Stock Exchange, stressing it does not consider itself to be an entity owned or acting on behalf of the Kremlin.
Evraz also insisted that day-to-day operations and trading remain unaffected from sanctions and that its financial position continues to be robust.
The company is based in the UK, and is a multinational organisation, but most its operations are based in Russia.
Evraz also said it “cannot be certain” whether key shareholders such as Chelsea owner Roman Abramovich, Alexander Frolov, and Alexander Abramov are “connected with Russia”.
There have been persistent media reports that the government could expand its sanctions on wealthy Russians with perceived relationships or past ties with Russian President Vladimir Putin.
So far, 15 oligarchs sit on the UK’s sanction list including the recent additions of Alisher Usmanov and Igor Shuvalov – with continued calls from the Labour Party for Abramovich to face similar measures.
However, Evraz did confirm it has not granted any loans or credits to such individuals this month, nor dealt directly or indirectly with a transferable security or money-market instrument issued during the same time window.
Shares in the mining company plunged over 90 per cent following Russia’s invasion of Ukraine, with the former blue-chip stock set to be booted off the FTSE 100 and relegated to the FTSE 250.
The company’s performance has since rebounded from an ultra-low base, with its share price price doubling amid a commodities boom.
This follows the US and UK announcing oil and gas sanctions on Russia, and subsequent announcements from the Kremlin to impose restrictions on importing raw materials to the West.