MOSCOW, November 30. /TASS/. Severstal's losses due to the blocking of accounts and warehouses as a result of sanctions totaled approximately $400 mln, the company's main shareholder Alexey Mordashov said on Wednesday.
"Severstal lost a little over $400 mln. [It] was stranded in Europe and arrested in the form of inventory and account balances. We will not be able to reclaim it until the sanctions are lifted. There are no indicators of this so far," he said.
On March 2, the company announced the termination of the supply of steel products to the EU countries after the EU imposed sanctions on the main shareholder and chairman of the board of directors of the company Alexey Mordashov in connection with the Russian military special operation in Ukraine.
Mordashov also noted that the excise tax on liquid steel currently exceeds the income tax. "According to plans for next year, it makes up about 25-30% of our profit <...>. It virtually doubles the tax burden on our profit," he stressed. At the same time, he called for fine-tuning the regulatory framework in terms of currency regulation.
Mordashov recalled that the ruble exchange rate remains a serious problem for maintaining the industry's profitability. "It is too strong for a significant part of our exports," he said.