A billionaire with close ties to the Kremlin has been sanctioned by the British government, resulting in trading in Evraz being suspended on the London Stock Exchange.
On Thursday, the United Kingdom placed billionaire Roman Abramovich on a sanctions list, due to his links with Russian President Vladimir Putin.
The sanctions mean that Abramovich’s assets in the U.K. are frozen, and he cannot enter or stay in Britain.
Among other holdings, Abramovich owns 28.6 per cent of shares in Evraz, a massive steel company with Canadian plants located in Regina, Calgary, Camrose, Alta., and Red Deer, Alta.
Soon after the sanctions were announced, Britain’s financial watchdog suspended trading on Evraz. Before trading was suspended, shares in the company dropped 16 per cent after the sanctions were announced.
A screenshot of Evraz stock prices on the London Stock Exchange. (London Stock Exchange)
According to Britain’s official sanctions list, the government was concerned about Evraz’s potential role in Russia’s invasion of Ukraine.
The list says Evraz “is or has been involved in providing financial services, or making available funds, economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.”
That “includes potentially supplying steel to the Russian military which may have been used in the production of tanks,” according to the British sanctions update.
Impact on Regina steel workers
Premier Scott Moe says that steel produced by Evraz in Saskatchewan is not used in global operations.
“The operations in Regina do provide North American steel for just that — steel fabrication — as well as pipelines for our energy industry,” Moe told reporters at the Legislative Building in Regina on Thursday.
He noted the United Steelworkers, which represents Evraz Steel workers, issued “correspondence last week indicating or clarifying that separation of operations that they have.”
The March 4 statement from the union said Evraz North America “operates independently in Regina and Calgary, in all areas, including procurement of raw materials, operating production facilities and corporate financing.”
CBC has reached out to United Steelworkers for further comment.
Moe says he has full confidence that steel mills across Canada will continue to operate under the status quo. He said he doesn’t foresee any job losses in Regina due to the U.K. sanctions.
“In fact, as we have this energy security conversation in Canada and North America, the future should look fairly bright for a company like Evraz, that can provide that steel infrastructure,” he said.
On Monday, Canada added another 10 Russians to its sanctions list. Abramovich has not been added to that list so far.
Robert Huish, an associate professor of international development studies at Dalhousie University, says if Canada does invoke sanctions on Abramovich, livelihoods need to be considered.
“Right now, the U.K. sanctions are really targeting the big symbols of the oligarchs, which are sports teams and luxury yachts. So it’s not going to make an impact immediately for people who are going to work in Regina,” said Huish.
“But it invites that conversation to say that if new measures are put in place, what can be done to ensure that nobody is going to lose their livelihood?”
If Canada does invoke more sanctions, Huish said it’s unclear right now exactly how Canadians will be affected.
“What’s complicated about sanctions and what we’re going to see happen in Saskatchewan is that it will impact people in indirect ways that we haven’t forecasted,” he said.
“Sanctions are like a glass hammer. You try to impose them, they look really threatening. And then when they strike, they shatter in a bunch of directions that you don’t see coming.”
Meanwhile, the province’s Official Opposition said Evraz Steel needs to have a change in ownership.
“It can no longer be in the hands of Abramovich, and all of these Russian oligarchs that are needing to have their sources of funds [cut off] so that Putin’s ability to bankroll his illegal invasion is ended,” said NDP Leader Ryan Meili.
Meili acknowledged the international implications of sanctions are complicated, but said any transfer of ownership should not benefit the oligarchs. He also said that steelworkers should be part of the conversation.
Last week, Deputy Prime Minister Chrystia Freeland told reporters that Canadian companies could suffer collateral damage as Canada considered more sanctions against Russian oligarchs with ties to Putin.
Abramovich also owns famed West London football club FC Chelsea. The sanctions mean he cannot sell the football team and Chelsea cannot sell new tickets to matches.
Abramovich’s spokeswoman declined immediate comment to the news agency Reuters.
TORONTO – Reigning PWHL MVP and scoring champ Natalie Spooner will miss the start of the regular season for the Toronto Sceptres, general manager Gina Kingsbury announced Tuesday on the first day of training camp.
The 33-year-old Spooner had knee surgery on her left anterior cruciate ligament (ACL) after she was checked into the boards by Minnesota’s Grace Zumwinkle in Game 3 of their best-of-five semifinal series on May 13.
She had a goal and an assist in three playoff games but did not finish the series. Toronto was up 2-1 in the semifinal at that time and eventually fell 3-2 in the series.
Spooner led the PWHL with 27 points in 24 games. Her 20 goals, including five game-winners, were nine more than the closest skater.
Kingsbury said there is no timeline, as the team wants the Toronto native at 100 per cent, but added that “she is doing really well” in her recovery.
The Sceptres open the PWHL season on Nov. 30 when they host the Boston Fleet.
This report by The Canadian Press was first published Nov. 12, 2024.
LAHORE, Pakistan (AP) — A top official of the Pakistan Cricket Board declined Friday to confirm media reports that India has decided against playing any games in host Pakistan during next year’s Champions Trophy.
“My view is if there’s any problems, they (India) should tell us in writing,” PCB chairman Mohsin Naqvi told reporters in Lahore. “I’ll share that with the media as well as with the government as soon as I get such a letter.”
Indian media reported Friday that the Board of Control for Cricket in India (BCCI) has communicated its concerns to all the Champions Trophy stakeholders, including the PCB, over the Feb. 19-March 9 tournament and would not play in arch-rival Pakistan.
The Times of India said that “Dubai is a strong candidate to host the fixtures involving the Men in Blue” for the 50-over tournament.
Such a solution would see Pakistan having to travel to a neutral venue to play India in a group match, with another potential meeting later in the tournament if both teams advanced from their group. The final is scheduled for March 9 in Pakistan with the specific venue not yet decided.
“Our stance is clear,” Naqvi said. “They need to give us in writing any objections they may have. Until now, no discussion of the hybrid model has happened, nor are we prepared to accept one.”
Political tensions have stopped bilateral cricket between the two nations since 2008 and they have competed in only multi-nation tournaments, including ICC World Cups.
“Cricket should be free of politics,” Naqvi said. “Any sport should not be entangled with politics. Our preparations for the Champions Trophy will continue unabated, and this will be a successful event.”
The PCB has already spent millions of dollars on the upgrade of stadiums in Karachi, Lahore and Rawalpindi which are due to host 15 Champions Trophy games. Naqvi hoped all the three stadiums will be ready over the next two months.
“Almost every country wants the Champions Trophy to be played here (in Pakistan),” Naqvi said. “I don’t think anyone should make this a political matter, and I don’t expect they will. I expect the tournament will be held at the home of the official hosts.”
Eight countries – Pakistan, India, Bangladesh, England, Australia, South Africa, New Zealand and Afghanistan – are due to compete in the tournament, the schedule of which is yet to be announced by the International Cricket Council.
“Normally the ICC announces the schedule of any major tournament 100 days before the event, and I hope they will announce it very soon,” Naqvi said.
RIYADH, Saudi Arabia – Ottawa‘s Gabriela Dabrowski and Erin Routliffe of New Zealand are through to the doubles final at the WTA Finals after a 7-6 (7), 6-1 victory over Nicole Melichar-Martinez of the United States and Australia’s Ellen Perez in semifinal action Friday.
Dabrowski and Routliffe won a hard-fought first set against serve when Routliffe’s quick reaction at the net to defend a Perez shot gave the duo set point, causing Perez to throw down her racket in frustration.
The second seeds then cruised through the second set, winning match point on serve when Melichar-Martinez couldn’t handle Routliffe’s shot.
The showdown was a rematch of last year’s semifinal, which Melichar-Martinez and Perez won in a super tiebreak.
Dabrowski and Routliffe will face the winner of a match between Katerina Siniakova and Taylor Townsend, and Hao-Ching Chan and Veronika Kudermetova in the final on Saturday.
Dabrowski is aiming to become the first Canadian to win a WTA Finals title.
This report by The Canadian Press was first published Nov. 8, 2024.
