A steel company says it has lost a third of its sales after its Russian oligarch owner was sanctioned | Businessinsider

📆 2022/04/02 4:04:00
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A steel company says it has lost a third of its sales after its Russian oligarch owner was sanctioned

By sanctioning Mordashov on February 28, the EU had cut off around a third of Severstal's sales, Anastasia Mishanina, a spokesperson for the company, told Insider

. The company sells around 11 million tons of steel every year, with between 3 and 3.5 million going to EU countries, she said. "We are now in the process of redirecting these volumes to the alternative markets including Middle East, Asia, Africa, and South America," Mishanina told Insider.that Citibank had"frozen" a test payment Severstal made on March 16"due to regulatory investigations." This prevented Severstal from making a $12.6 million interest payment on an $800 million bond, the company said.

Severstal said on Tuesday that even though both the company and Mordashov hadn't been sanctioned by the US, it

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