US Sanctions Threaten Empire of Russian Steel Mogul Mordashov
- Move restricts steelmaker’s options following EU sanctions
- Mordashov once came close to buying stake in Arcelor
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US sanctions on Alexey Mordashov have put the steel magnate’s empire in peril, underlining how the war in Ukraine is upending the businesses of some of Russia’s wealthiest billionaires.
The move against 56-year-old Mordashov and his family on Thursday comes after the European Union imposed sanctions against the tycoon and his steelmaker Severstal PJSC in early March. By threatening to choke off remaining export routes, the US sanctions deal another blow to the fourth-richest Russian, who 16 years ago was close to becoming Arcelor SA’s biggest shareholder before being outbid by Lakshmi Mittal.