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Canada Imposes Sanctions on Evraz Shareholder Abramovich


These translations are done via Google Translate

By Brian Platt

(Bloomberg) Canada has imposed sanctions on prominent Russian tycoon Roman Abramovich, the largest shareholder in Evraz Plc, which owns metal facilities in Regina, Calgary and Edmonton.

Prime Minister Justin Trudeau, speaking in Warsaw at the end of a five-day trip to Europe, announced the sanctions on Abramovich, four other Russian individuals, and 32 entities working in Russia’s defence sector. The sanctions took effect March 10, a government release says.

Trudeau said the sanctions are designed so Abramovich as an individual “cannot profit or benefit from economic activities in Canada,” but that Evraz’s other employees and investors shouldn’t be adversely affected and its operations in Canada can continue.


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“We are obviously going to watch carefully, but we are confident that this will not impact the hardworking Canadians who are doing good work in companies across the country,” Trudeau said.

The announcement comes a day after the U.K. sanctioned Abramovich, who also owns Chelsea FC in the English Premier League. Evraz released a statement saying it doesn’t consider Abramovich — who has a 28.6% stake — to be “a person exercising the effective control” of the company, and said the sanctions don’t apply to the company itself.

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Trudeau said this is another example of Canada working with its allies “on demonstrating clear and deep consequences for Putin and those who have enabled his regime.”

Also included on Canada’s new sanctions list is Alisher Usmanov and elections official Ella Pamfilova.

In 2017, Evraz North America agreed to provide the majority of the pipe — approximately 250,000 metric tons — to Kinder Morgan’s Trans Mountain pipeline expansion, known as TMX, in Western Canada. Delivery was completed in 2021, Finance Minister Chrystia Freeland said last week.

Trudeau was also asked Friday whether Canada can boost its oil production to help Europe move away from Russian energy. He replied that Canada simply “does not actually have the oil and gas infrastructures necessary to replace the significant share of European energy that is received from Russia.”

“We will, of course, engage in conversations with our European partners on how to make sure we are getting them off of Russian oil and gas, but also ultimately getting off the dependence on oil and gas entirely,” Trudeau said.



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