Interfax reported that Russian steelmaker Severstal has lost USD400 million due to the freezing of Western accounts and warehouses. Severstal's Chairman Mr Alexei Mordashov said “We all understand that it's currently very difficult to return foreign currency revenue to the country, impossible to a certain degree. For example, we, Severstal, have lost USD 400 million, slightly more, stranded in Europe, frozen in the form of inventory, account balances. We won't receive it until sanctions are lifted.”Severstal and main owner Mr Mordashov have been subject to United States blocking sanctions since June. Mr Mordashov was also sanctioned by the European Union in the spring.
Interfax reported that Russian steelmaker Severstal has lost USD400 million due to the freezing of Western accounts and warehouses. Severstal's Chairman Mr Alexei Mordashov said “We all understand that it's currently very difficult to return foreign currency revenue to the country, impossible to a certain degree. For example, we, Severstal, have lost USD 400 million, slightly more, stranded in Europe, frozen in the form of inventory, account balances. We won't receive it until sanctions are lifted.”Severstal and main owner Mr Mordashov have been subject to United States blocking sanctions since June. Mr Mordashov was also sanctioned by the European Union in the spring.
