Ukrainian President Volodymyr Zelensky imposed sanctions against 41 people and 28 companies through which Russia maintained control over the Ukrainian enterprise Zaporizhstal.
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Today is our sanctions day. There are several sanctions packages that have signed the relevant decrees. We are launching the confiscation of the Russian share of the Zaporizhstal plant,” the president wrote on his social networks.
The sanctions package against Zaporizhstal includes restrictive measures for 41 people – 13 individuals and 28 legal entities. With their help, Russia retained control over the enterprise, harmed the economy of Ukraine
We are launching the procedure for the confiscation of the Russian share – it will work for Ukraine and Ukrainians,” the president said.
These decrees are not yet available on the website of the Office of the President.
Background
In the early 2010s, the owners of the plant, Eduard Shifrin and Alex Schneider, decided to sell it. The most profitable offer was made by a group of Russian investors through the state-owned Vnesheconombank, they offered the owners of Zaporizhstal $1.7 billion, which prevented Rinat Akhmetov from buying out Zaporizhstal (he even made a deposit for the plant).
According to analysts, the amount of 1.7 billion dollars. exceeds the existing cost of the plant.
On August 1, 2016, three repair shops were withdrawn from PJSC Zaporizhstal — mechanical, foundry and metal structures shop. They formed a separate plant – the Zaporizhia Casting and Mechanical Plant (OOO ZLMZ).
In May 2017, the plant was at the center of an investigation by Wall Street Journal journalists when they managed to trace the path of money from the Russian Vnesheconombank to the construction project of US President Donald Trump’s business partner to build a hotel and Trump Tower in Toronto, Canada.
When Schneider received about $850 million. for his fate at Zaporizhstal from an unnamed investor, part of the money received, according to journalists, was used to finance a project in Toronto. The participation of Donald Trump, then a private entrepreneur, in the project was limited to licensing his own brand.
Since June 1, 2017, three more workshops TsRMO-1, TsRMO-2 (metallurgical equipment repair shops) and TsREMC (metallurgical equipment repair shops) have been withdrawn from Zaporizhstal PJSC — they became part of the existing enterprise — METINVEST- LLC PROM, headquartered in Mariupol.
Officially, 49% of Zaporizhstal’s shares belong to Metinvest Holding. The enterprise works in close cooperation with coke producer Zaporizhkoks and refractory producer Zaporozhogneupor controlled by Metinvest Holding.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.