Russian steel maker NLMK announced that the scheduled coupon payment on bonds XS1577953174 maturing in 2024 was successfully processed on 21 March 2022 and that NLMK has fulfilled its obligations under the bonds in good faith in accordance with their terms. NLMK said “The company received confirmation that coupon payments have begun to flow into the accounts of foreign bondholders.”NLMK also said “At the same time, bondholders based in Russia did not receive coupon payments. This is due to the fact that the International Central Securities Depositories Euroclear and Clearstream no longer settle transactions with the Russian National Settlement Depository. At this time, we see no legal grounds to prevent Euroclear and Clearstream from processing payments to Russian residents.”NLMK added “NLMK is fully committed to its intention to fulfill its obligations to bondholders regardless of jurisdiction. We are currently considering alternative ways to pay coupon income to bondholders based in Russia.”NLMK is Russia’s largest steel maker with 2021 production of 17.4 million tonnes. Mr Vladimir Lisin is the Chairman and majority shareholder of Novolipetsk. Mr Lisin got his first job in 1975 working as a mechanic in a Soviet coalmine, and after studying at the Siberian Metallurgic Institute got a job working as a welder foreman at Tulachermet Metals Works. He rose through the ranks to become section manager, shop manager in 1979 and deputy chief engineer in 1986. In 1992, he joined a group of traders the Trans-World Group who won control of Russia's steel and aluminium industry. When the partners split in 2000, he received 13% of the firm and later achieved a controlling share. His former boss was named the Minister for Russian Metallurgy, and Mr Lisin became the sole owner of Novolipetsk Steel in 2000. With a wealth of USD 19.3 billion, Mr Lisin is involved in steel and logistics in Russia, and is an authority on metallurgy, with over 100 articles and monographs on the subject. His other companies include Freight One, the largest freight rail in the country, UCL Port BV, which operates port facilities and shipping company VBTH.