Evraz shares sink with demerger plans and growing Ukraine tensions
Evraz’s shares have sunk on the London Stock Exchange, dropping 33 per cent on the FTSE 100 following escalating tensions in Ukraine and announced plans to spin off its coal assets.
Last week, it reported UK courts have confirmed its decision to demerge its coal assets consolidated under PJSC Raspadskaya.
This has also resulted in an announced capital reduction.
Mneawhile, growing tensions between Russia and the West over the future of Ukraine has raised the possibility of sanctions and conflict-driven turbulence .
This has increased investor concern over disruption to supplies and operations.
The multinational mining company is based in London, but mainly operates in Russia and Ukraine .
It also has sites in Kazakhstan, Italy, Czech Republic, and the US.
Western intelligence has reported that an invasion of Ukraine could happen at any moment.
However, the Kremlin has dismissed the claims and denies it is preparing for war.
The uncertainty has caused market turmoil with £54bn wiped off the FTSE 100.