MMK’s Statement Regarding US Sanctions

PJSC Magnitogorsk Iron & Steel Works (MOEX: MAGN) informs that on 2 August 2022, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury published a document imposing a new round of sanctions targeting the majority owner and chairman of the Board of Directors of PJSC MMK Viktor Rashnikov, PJSC MMK and its subsidiary companies.

We consider the sanctions against Viktor Rashnikov, PJSC MMK and its subsidiaries unjustified and counterproductive. The company is studying the decision taken by the American authorities, assessing its potential effect and the possibility of challenging the imposed sanctions by all available means.