Interfax reported that UK's Office of Financial Sanctions Implementation has issued extension to license to EVRAZ North America to continue operations until 31 March 2023. UK's Office of Financial Sanctions Implementation had sanctioned EVRAZ on 29 April saying “The steel manufacturing and mining company operates in sectors of strategic significance to the Government of Russia. Evraz produces 28% of all Russian railway wheels and 97% of rail-tracks in Russia.”Russian steel maker EVRAZ has launched the process of soliciting proposals for the acquisition of its North American subsidiaries EVRAZ North America on 10 August. The sale will allow unlocking of the stand-alone value of the North America business. The solicitation process is currently being conducted under the Office of Financial Sanctions Implementation General License INT/2022/1710676 and EVRAZ is in contact with OFSI as part of this process. The possible transaction will be subject to regulatory and corporate approvals and applicable sanctions laws, and will require approval from relevant sanctions authorities, including OFSI.EVRAZ North America is a leading, vertically-integrated producer of engineered steel products for the North American rail, energy, industrial and construction markets. ENA has steelmaking capacity of 2.3 million tons and finished steel, including tubular products, capacity of 3.5 million tons and operates 2 EAF-based steel facilities, 4 rolling mills and 8 tubular mills and 17 scrap recycling facilities. EVRAZ North America is also constructing a state of the art 320 Greenfield rail facility which will replace existing rail mill; project expected to be completed by 2023. Having strong financial results (2021 sales of USD 2.4 billion and Adjusted EBITDA of USD 320 million), EVRAZ NA can provide stable income and cash flow to its new investor.