Evraz board resigns after sanctions imposed on Roman Abramovich
The 10-strong board of directors of Evraz, the steel and mining group in which Roman Abramovich controls a 29% stake, have resigned after sanctions were imposed on the Russian oligarch and shares in the company were suspended.
On Friday, the company said its 10 remaining non-executive directors – which include the former Ford executive Stephen Odell and Sir Michael Peat, a former private secretary to Prince Charles and whose family name is the p in KPMG – have now all resigned.
Two of the directors – Alexander Abramov and Alexander Frolov – are major Evraz shareholders alongside Abramovich.
It followed the move by the UK government on Thursday to sanction Abramovich, with ministers accusing him of having “clear connections” to Vladimir Putin’s regime, and the suspension of Evraz’s shares on the London Stock Exchange. Abramovich’s UK assets have been frozen, meaning he cannot sell his stake in the steel and coal company.
The company said on Friday: “Evraz is deeply concerned and saddened by the Ukraine-Russia conflict and hopes that a peaceful resolution will be found soon.
“In light of the financial sanctions notice issued by the Office of Financial Sanctions Implementation, HM Treasury, on 10 March 2022 and the suspension of the company’s shares from trading, all the Evraz plc non-executive directors have resigned as directors with immediate effect. Alexey Ivanov, the company’s chief executive, will continue as a director.”
Last week, James Rutherford resigned as a director of Evraz after only nine months on the board, a day after the Institute of Directors urged British nationals to quit Russian boards, saying it was “no longer tenable” for them to remain after Russia’s invasion of Ukraine.
The official government sanctions
Read more on theguardian.com
