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Rostec says new sanctions not to affect its CEO, holding companies

September 12, 2014, 16:23 UTC+3
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MOSCOW, September 12. /ITAR-TASS/. The European Union’s new sanctions against Russia will not affect the activity of Rostec’s holding companies, the state corporation said Friday.

“We regret that the sanctions were imposed,” Rostec said.

“The sanctions will not affect output of products as part of the state defense order, as no European components are used in the manufacturing of military products,” it said.

However, it said, the sanctions will affect European defense enterprises who are suppliers for products exported by Rosoboronexport to third countries.

Speaking about sanctions against Rostec head Sergey Chemezov, the company said restrictions only cover property and accounts in European banks.

“All real estate of Sergey Chemezov and funds are kept in Russia’s territory. In this connection, EU sanctions will not have a significant impact on him,” Rostec said.

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