Evraz says bond payment blocked over Abramovich sanctions

, said it has been blocked from making an interest payment on one of its bonds in a move it believes is related to British sanctions against the Russian-Israeli billionaire.on Monday, Evraz warned that its inability to pay the coupon on a $700 million bond that matures next year could push it to default on its debt.

But SocGen stopped the payment “for compliance”, Evraz said, despite the company providing “all requested information concerning this payment, its economic substance and nature”. Evraz said it “understands that the situation has its roots” in the UK’s decision to sanction Abramovich this month – a move that hit the owner ofFootball Club with a full asset freeze and a travel ban, and also led to the suspension of the company’s shares trading in London.

Source: Loan Digest (loandigest.net)

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