Billionaire Roman Abramovich has only now, three years after facing multiple rounds of Western sanctions, begun relocating his last remaining asset to Russia. Luxembourg- and UK-registered entities of the Evraz metals and mining group — Evraz Group S.A. and Evraz plc — are expected to lose their connection to Russian metallurgical plants and will likely come under the ownership of the Russian joint-stock company Evraz KGOK. The latter has filed a 200 billion ruble lawsuit against Evraz Group S.A. and Evraz plc in the Moscow Arbitration Court, seeking to recover these assets. The case is being heard behind closed doors.
A stake in Evraz KGOK is held by Evraz NTMK, which is listed on Evraz’s website as a subsidiary of Evraz plc. As of the end of 2021, Roman Abramovich controlled 28.64% of Evraz plc. In 2022, both Abramovich and Evraz plc were placed under UK sanctions, and the company’s listing on the London Stock Exchange (LSE) was suspended.
Despite the sanctions, Abramovich maintained a notable international profile. In 2022, he appeared at negotiations between Russia and Ukraine, reportedly acting as a mediator and attending the peace talks in Istanbul. His presence was interpreted by some as a sign of his political usefulness to the Kremlin, and by others as a personal attempt to preserve his assets and global standing. However, this involvement did not shield him from sanctions, nor did it prevent a tightening of the legal and economic squeeze on his international holdings.
Evraz’s industrial capacity remains vast: 12.1 million tonnes of steel production, 69 million tonnes of iron ore mining, and 8 million tonnes of vanadium output — with plans to expand by another 12 million tonnes this year. Nevertheless, the company’s revenue declined 7% in 2024, down to $7.19 billion.
According to lawyers interviewed by Kommersant, Abramovich appears to be restructuring the ownership of Evraz’s Russian assets. A company spokesperson stated that the dispute revolves around intra-group debt. According to them, Evraz entities in foreign jurisdictions are complying with sanctions, while this compliance negatively impacts their Russian counterparts — depriving them of revenue from foreign currency transactions and exposing them to fines.
This legal maneuver mirrors previous steps taken by other Russian oligarchs hit by sanctions. For example, the Cypriot company ABH Financial, which held corporate rights over Alfa-Bank, saw its control suspended by court order. Alfa-Bank’s principal owners included Pyotr Aven, Mikhail Fridman, and Andrei Kosogov. In March 2023, Kosogov bought out the shares of Aven and Fridman, and ownership was transferred to the Russian joint-stock company AB Holding.
A similar transition occurred with another Alfa Group asset — the X5 Group retail chain — as well as with Rusagro, owned by Vadim Moshkovich. Both companies were moved from Cyprus back to Russian jurisdiction. However, Moshkovich’s attempt to sever ties with Cyprus failed to improve his standing with Russian authorities: he was arrested in March 2025 on charges of large-scale fraud and bribery.
