EU clients are reportedly refusing to purchase from Severstal due to sanctions on owner
Russian metallurgical giant Severstal has stopped deliveries of steel to European customers amid Ukraine-related sanctions, the country’s media reported, citing company sources.
According to reports, the cessation follows the refusal of European customers to purchase Severstal steel after the EU sanctioned the company’s main shareholder, Alexei Mordashov.
Mordashov was included in the EU sanctions list on February 28, along with a number of other Russian businessmen. He said at the time that he did not understand the reasons for targeting him, since he had nothing to do with politics.
Severstal declined to comment on the export suspension, but noted it is currently looking at options for reorienting steel exports to countries outside the EU, including in Asia, South America, and the Middle East.
For more stories on economy & finance visit RT’s business section