The U.K. said Thursday it has sanctioned steel manufacturing and mining company Evraz Plc because of its strategic significance to Russia, as part of measures to punish the Kremlin for the invasion of Ukraine.
Evraz, in which billionaire Roman Abramovich holds an almost 29% stake, produces 28% of all Russian railway wheels and 97% of rail-tracks in Russia, the U.K. government said.
“This is of vital significance as Russia uses rail to move key military supplies and troops to the frontline in Ukraine,” the British government said in a statement. “Along with existing measures, this action will further deter companies operating in strategic sectors in Russia.”
The asset freeze means no U.K. citizen or company can do business with Evraz.
Abramovich was sanctioned by the U.K. in March, prompting the resignation of most of the London-listed Evraz’s board of directors.
