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Russian steelmaker Evraz, whose biggest shareholder is sanctioned billionaire Roman Abramovich, on Friday scrapped plans to separate its coal assets, citing sanctions on Moscow following its invasion of Ukraine. The London-listed company said the sanctions made it "technically impossible" to execute the demerger it proposed early last year to concentrate on its core steel business. The move comes after Evraz indefinitely suspended the demerger of the Russia-based assets, consolidated under Raspadskaya (RASP), last month as it sought more clarity on sanctions against Abramovich.
Russian steel producer Severstal, whose main shareholder, Alexey Mordashov, was sanctioned by the European Union on Feb. 28, was having trouble paying the holders of its debt, a source close to the company said. Evraz, the Russian steelmaker whose biggest shareholder is sanctioned Russian Roman Abramovich, said on Tuesday the coupon payment due March 21 was settled with the paying agent after it was temporarily blocked by a Western correspondent bank.