Posted on 28 Feb 2024
The US Treasury Department and the US State Department have included in the sanctions list (SDN List) several new Russian companies in the mining and steel industry, Kallanish notes.
In total, the sanctions, announced last week, affect 500 organisations associated with Russian military activities. Another 90 companies were added to the Commerce Department's Entity List, which restricts their ability to do business in the US.
From 23 February 2024, sanctions restrictions were extended to Russian pipemaker TMK, the largest manufacturer of pipe products in the country, and a number of its subsidiaries. These include the Pervouralsk Novotrubny Plant, Seversky, Sinarsky and Volzhsky Pipe Plants, Taganrog Metallurgical Plant, Yartsevo Metallurgical Plant and Chelpipe.
In addition, Russian steelmaker Mechel, which, according to the US Treasury, supplied steel used in Russian attack helicopters, and coal company SUEK were added to the list.
Cyberstal, co-owned by Andrei Komarov, also came under sanctions restrictions.
On 22 February, the UK also expanded its list of anti-Russian sanctions to include Igor Zyuzin, chairman of the board of directors and largest shareholder of Mechel.
Shares in Mechel and TMK have declined this week on the Moscow Exchange amid the new Western sanctions.
Neither Mechel, TMK nor Cyberstal replied to Kallanish request for comment by Tuesday deadline.
In 2023, the US, UK and EU already imposed sanctions on Severstal, MMK, TMK and OMK (see Kallanish passim). All the largest Russian automakers have also fallen under Western sanctions.
NLMK is meanwhile not sanctioned but its operations are under scrutiny given it is a significant exporter of slab to Europe and owns rolling mills in the EU. It also continues to operate in the US.
Source:Kallanish
