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    UGMK, with a shareholder from Uzbekistan, falls under U.S. sanctions

    UGMK, with a shareholder from Uzbekistan, falls under U.S. sanctions

    Photo by: Evgenia Yablonskaya / Kommersant

    The USA imposed blocking sanctions against the Ural Mining and Metallurgical Company (UGMK) in Russia, Gazeta.uz has reported. 

    The Office of Foreign Assets Control (OFAC) issued a license instructing to halt operations with UGMK and its subsidiaries until October 18.

    The "blacklist" (SDN list) also includes companies affiliated with the Ural Mining and Metallurgical Company, such as "Uralelectromed" and "UGMK-OCM."

    UGMK is a Russian mining and metallurgical holding, one of the largest producers of copper, zinc, coal, and precious metals in the country. In March 2022, UGMK stated that its founder, Iskander Mahmudov (ranked 21st on Forbes' list of Russian billionaires with a net worth of $7.3 bn), and Andrey Bokarev (ranked 47th with $2.7 bn) no longer served as controlling beneficiaries of UGMK, UK "Kuzbassrazrezugol," AO "Vostochny Port," AO "Rosterminalugol," and were no longer part of the boards of directors of these companies. A month later, Mahmudov and Bokarev were added to the UK sanctions list.

    In early June, Forbes reported, citing UGMK's financial report for 2022, that Danear Kamilov, the son of the former Minister of Foreign Affairs of Uzbekistan, and currently the Deputy Secretary of the Security Council under President Abdulaziz Kamilov, became the new beneficial owner of the company.

    The USA also included the former head of the Russian Audit Chamber and current corporate development advisor at "Yandex," Alexey Kudrin, Tinkoff Bank, and defense enterprises in the sanctions list.

     

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    21.07.2023, 21:10   Comments (0)   2258
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