Romania Authorizes Salary Payments to TMK-Artrom Slatina Employees

Romanian Government’s National Agency for Fiscal Administration ANAF has decided to unblock the Russian steel pipe maker TMK’s Romanian subsidiary TMK Artrom accounts. ANAF has implemented the provisions on restrictive measures in relation to actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine for TMK ARTROM SA, TMK ASSETS SRL and TMK EUROPE GMBH, indirectly controlled by through the entity TMK STEEL HOLDING UNITED, a natural person on the list of sanctions imposed at the level of the European Union. In accordance with EU Regulation, all funds and economic resources belonging to, owned, held or controlled by any natural or legal person, entity or body or natural or legal persons, entities or bodies associated with them shall be frozen. At the same time, at the request of SC TMK ARTROM SA, the derogation on restrictive measures in relation to actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine for making payments essential for the continuation of the company's business, namely the payment of employees' salary rights, payments to suppliers and credit institutions. Payments shall be authorized provided that their recipients are not sanctioned

TMK-Artrom Slatina unionists had announced that they would protest next week if the company's employees did not receive their salaries by then, with payments delayed by nine days due to the freezing of the company's accounts amidst sanctions against Russia. The unionists also argued that TMK-Artrom's accounts should not have been frozen because Russian businessman Mr Dimitri Pumpianski, the ultimate beneficial owner on the Russia sanctions list had resigned as a trustee and transferred his shares in the Cyprus-based company that owns the TMK group to unsanctioned persons.

Romania Authorizes Salary Payments to TMK-Artrom Slatina Employees

Strategic Research Institute

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