Ukraine is going to withdraw from Russia a stake in Zaporizhstal

President of Ukraine Volodymyr Zelensky on May 12 signed decrees imposing sanctions on 13 individuals and 28 legal entities that helped Russia retain control over the Ukrainian steel company Zaporizhstal, according to the president's official social media account on Friday, May 12.

President Volodymyr Zelensky initiated the process of taking over the Russian part of the company.

The move is aimed at ensuring that Zaporizhstal works in the interests of Ukraine and its people, effectively limiting Russian influence and mitigating the economic damage caused by the Russian invasion.

According to Decrees No. 275/2023, No. 276/2023 and No. 277/2023, the Ministry of Foreign Affairs of Ukraine must inform the competent authorities of the European Union, the United States of America and other countries about the application of sanctions and raise the issue of introducing similar restrictive measures.

Zaporizhstal is a fully integrated metallurgical plant in Ukraine, producing hot-rolled and cold-rolled steel.

Metinvest Holding owns a 49% stake in Zaporizhstal.