Canada will try to avoid job losses at steel factories tied to sanctioned oligarch, Trudeau says
Global News
Canada's actions against Roman Abramovich took effect Thursday, about a day after the U.K. took aim at the Britain-registered multinational steel and mining conglomerate Evraz PLC.
Prime Minister Justin Trudeau says he is confident that Canada’s new sanctions on Russian oligarch Roman Abramovich — who is accused of aiding President Vladimir Putin’s campaigns against Ukraine — will not impact about 2,200 workers at steel factories in western Canada owned by a company that Abramovich is alleged to control.
Canada’s financial actions against Abramovich took effect late Thursday, about a day after the United Kingdom took aim at the multi-billionaire and the Britain-registered multinational steel and mining conglomerate Evraz PLC. According to Britain, Abramovich effectively controls Evraz. The Russian businessman owns 28.6 percent of Evraz’s shares and has long been seen as one of Putin’s most powerful and trusted associates. He gained notoriety in Western media after buying Britain’s Chelsea Football Club.
Evraz, however, says that Abramovich didn’t have “effective control” of the company, noting in a statement to stock traders that he owned less than 50 per cent of the company and could only appoint three of 11 board members.
In 2008 Evraz PLC purchased a number of Canadian steel factories for $2.3 billion. Since then Evraz has made a significant imprint on Canada’s resource economy, providing almost 60 per cent of the steel being used to build the $21.4-billion Trans Mountain Expansion Project.
But the British sanctions accused Abramovich of using Evraz to destabilize Ukraine. And Britain alleges the company “is or has been involved in” providing funds and resources that helped Russia attack Ukraine’s sovereignty. This could have included Evraz providing steel to build Russian army tanks.
Evraz Canada has not responded to repeated requests for comment from Global News.
On Friday, speaking to reporters in Europe, Trudeau said his government will try to ensure sanctions against Abramovich don’t impact workers at the company’s plants, including 1,700 workers at a Regina factory.
Meanwhile, financial records reveal that on Feb. 16, four days before Russian forces invaded Ukraine, Abramovich’s methods of holding Evraz shares changed dramatically.
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