Zelenskyy imposes sanctions against Russian co-owners of Zaporizhstal
Pig iron production in Zaporizhstal's blast furnace after a long downtime (Photo:Oleksandr Mironenko via facebook)
Through a series of decrees, Ukrainian President Volodymyr Zelenskyy has imposed sanctions on Russian citizens who own shares in Ukraine’s Zaporizhstal metallurgical plant, Zelenskyy said in a Telegram post on May 12.
“The first package of sanctions concerns Zaporizhstal,” said Zelenskyy.
“With my decree, restrictive measures have been imposed on 41 entities … through which Russia has maintained control over the enterprise and caused damage to our economy. We are starting the confiscation procedure of the Russian share (of the company), which will work for Ukraine and Ukrainians.”
Notably, the decree introduced restrictions against 13 citizens of Armenia. Among the companies subject to the sanctions, only one is a Russian legal entity – VEB.RF State Development Corporation. The rest include two Ukrainian companies that directly own large packages of shares in Zaporizhstal, as well as legal entities registered in Cyprus, British Virgin Islands, Hong Kong, and other jurisdictions.
Zaporizhstal is one of Ukraine's largest metallurgical enterprises and is nearly equally controlled by the Metinvest Group of Rinat Akhmetov and a group of investors affiliated with Russia’s VEB.
Deputy Head of the Office of the President of Ukraine, Rostyslav Shurma, served as Zaporizhstal CEO until November 2019.
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