Abramovich-owned steelmaker scraps plan to spin out coal operations           

London-listed company says sanctions make it technically impossible to execute the demerger it proposed early last year to concentrate on its core steel business

Roman Abramovich has been the subject of sanctions.

Russian steelmaker Evraz, whose biggest shareholder is sanctioned billionaire Roman Abramovich, scrapped plans to separate its coal assets, citing sanctions on Moscow following its invasion of Ukraine.

The London-listed company said the sanctions made it "technically impossible" to execute the demerger it proposed early last year to concentrate on its core steel business. 

The move comes after Evraz indefinitely suspended the demerger of the Russia-based assets, consolidated under Raspadskaya last month as it sought more clarity on sanctions against Mr Abramovich. 

Evraz has said Mr Abramovich, who has a 28.6% stake in the company and whose soccer club Chelsea is up for sale, does not have effective control of Evraz, adding it believes the company is neither designated nor sanctioned. 

Evraz, whose shares had lost more than 60% in value since the sanctions began when they were suspended from trading on March 10, has been thrown into turmoil by the sanctions - with only its CEO remaining on the board after a director exodus, and last month a bond payment was blocked. 

The West has imposed broad economic and political sanctions on Russia. Britain imposed sanctions on Mr Abramovich on March 10, freezing his assets and preventing him from travelling to the country.