Russian steel company Evraz said a decision by Roman Abramovich and his partners...
MOSCOW - Russian steel company Evraz said a decision by Roman Abramovich and his partners to sell some of their shares in the group would reduce sanctions risks.
Their sale of a total stake of 1.8 percent brought Abramovich and Abramov’s combined stake in the company to less than 50 percent, Evraz chief financial officer Nikolay Ivanov said on Tuesday. The United States and other Western countries have imposed sanctions on Russian officials, companies and banks since Moscow’s annexation of Crimea in 2014, and the campaign continues to gather force.
An investment banker at a Western bank in Moscow told Reuters the reason behind the share sales at Evraz was “nothing else but sanctions,” without elaborating. A representative for Abramovich said he had nothing further to add. Evraz said it does not comment on its shareholders’ actions. Reuters could not immediately reach Abramov’s representatives for comment.
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