Evraz plc announced the impossibility of operating activities due to sanctions

it became impossible for Evraz plc holding to function as a corporate center and manage a global business, which made it difficult for CEO Ivanov, who announced that he was leaving the post. The holding will be managed by a board of directors

Evraz plc holding faced the inability to conduct operations due to sanctions imposed by the UK and "other technical restrictions," a company representative told RBC. He spoke about this, commenting on the departure from the post of CEO Alexei Ivanov.

“Fulfilling the duties of CEO in such a situation is extremely difficult. Evraz plc will be managed by the company's board of directors. Ivanov remains in a leadership role in the Russian perimeter of Evraz and as Chairman of the Board of Directors of Evraz North America plc,” a spokesman for the company said.

Industry expert Maxim Shaposhnikov commented to RBC on the departure of the CEO of Evraz plc and the possible consequences for Russian assets: “We are talking about a holding structure, which, due to sanctions restrictions, is really not easy to function as a corporate center and manage a global business. For Russian assets, which are mainly focused on the domestic market and exports to Asia, the sanctions are much less painful.”

The North American division of Evraz plc, where Ivanov remains the HEAD of the board of directors, operates without restrictions under a license issued by the UK Financial Sanctions Enforcement Authority (OFSI). It is valid until March 31 next year.

Evraz Group is one of the largest vertically integrated metallurgical and mining companies with assets in RUSSIA, the usa , CANADA, the Czech Republic, and Kazakhstan. It is one of the largest metallurgical companies in the world. 

In March last year, the UK imposed sanctions against the largest shareholder of the group, Roman Abramovich. In May, the company itself was included in the British sanctions list.

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Evraz plc's board of directors currently has two directors left - Ruslan Ibragimov and Andrey Loboda, follows from an appeal to the group's investors on behalf of the board of directors to hold a meeting on June 30.

Ibragimov became an independent non-executive DIRECTOR of Evraz last October, replacing Ivanov, who in turn took over as CEO. Loboda joined Evraz's board of directors in September 2022.

The first was previously Vice President for Corporate and Legal Affairs and Interaction with Authorities of MTS PJSC, and the second is a practicing lawyer, managing partner of the Loboda, Filimonov and Partners law firm. Until October last year, the board included Alexei Ivanov and ex-financial director Nikolai Ivanov.

Alexey Ivanov has been with Evraz since 2002. He has held the positions of EVRAZ Senior Vice President for Commerce and Business Development, Vice President, Head of the Steel Division (2011–2015), Head of the Siberia Division (2009–2011), etc. He became the CEO of Evraz plc holding in 2021, replacing Alexander Frolov.