Abramovich Ties Leave Russian Firm’s Coupon Payment In Limbo
- The money hasn’t reached paying agent BNY Mellon, company says
- Funds are frozen for compliance at correspondent bank SocGen
Roman Abramovich
Photographer: Simon Dawson/Bloomberg
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A $18.9 million coupon payment on a bond issued by Evraz PLC has been blocked due to the Russian steelmaker’s ties to sanctioned billionaire Roman Abramovich.
Evraz moved the cash a week ago, but the company’s correspondent bank, Societe Generale New York, halted its transfer to paying agent BNY Mellon for compliance reasons, the steel company said in a regulatory filing on Monday.