International Steel Mills

US Sanctions Russia’s Severstal and Chairman Alexei Mordashov

Written by Laura Miller

June 3, 2022

Russian steel tycoon Alexei Mordashov has joined the list of individuals sanctioned by the US government as a result of Russia’s ongoing war in Ukraine.

Mordashov is the chairman and main shareholder of Severstal, Russia’s largest steel and mining company. He served as CEO of the company from 1996 until 2015.

Severstal

On June 2, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) imposed the sanctions against Mordashov and other Russian oligarchs and elites,as well as any associated entities. Mordashov specifically was added to the Specially Designated Nationals (SDN) list.

OFAC has given notification that all transactions involving Severstal or its majority-owned subsidiaries must be wound down by the end of August.

The move comes months after the start of the war and the European Union’s own sanctions against Mordashov in March, which effectively cut off major European export destinations for Severstal’s steel. At the time, Severstal signaled that it wouldn’t have trouble finding a new home for its steel products. Steel Market Update has been hearing of deeply discounted Russian steel making its way to markets such as Turkey, China, and MENA.

Severstal could not be reached for comment.

By Laura Miller, Laura@SteelMarketUpdate.com

 

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

Read more from Laura Miller

Latest in International Steel Mills