OREANDA-NEWS  Alexey Mordashov, Chairman of the Board of Directors of PJSC Severstal, said that the company lost $400 million due to the arrests of Western warehouses and accounts. He told about this during the forum "Russian Industrialist".

"We all understand that it is very difficult to return foreign currency earnings to the country now, partly impossible. For example, we, Severstal, lost $400 million, a little more — stuck in Europe, was arrested in the form of inventories, account balances. We will not receive them until the sanctions are lifted," Mr. Mordashov said (quoted by Interfax).

According to Politico, the EU has blocked about €68 billion of Russian assets. Earlier today, on November 30, the European Commission proposed to create a fund for the restoration of Ukraine from the confiscated assets of Russia. According to the head of the EC Ursula von der Leyen, €300 million of reserves of the Central Bank of the Russian Federation and €19 billion of Russian oligarchs are blocked in Europe. The European Commission has raised its assessment of Ukraine's damage from the conflict with Russia from €385 billion to €600 billion.

Mr. Mordashov owns 76.85% of the shares in the authorized capital of Severstal. The businessman was sanctioned by the EU on February 28. In March, the company reported that due to the sanctions imposed on the shareholder, deliveries to the EU were stopped. Later, the European Union itself banned almost all imports of Russian steel. In early June, the US Treasury added a businessman and his key assets to the SDN-list: Severstal, the gold mining company Nordgold, as well as Severgroup, through which he controls Power Machines and the large timber company Sveza. In October, it was reported that Severstal reduced production by 8% year-on-year.

In 2021, Severstal's annual turnover amounted to $11.4 billion. Net profit — $4.08 billion.