HomeMy WebLinkAboutStatement on Russian Sanctions - Thomas Strip Steel / Tata
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Tata Steel Netherlands Trade Sanctions Compliance
September 2023
The UK, EU, US and other countries have imposed an extensive sanction regime against
Russia over the last few months, as a result of Russia’s invasion of the Ukraine. Sanctions
have also been extended to Belarus. The sanctions do differ somewhat. As a company TSN
takes compliance with these sanctions laws very seriously.
Tata Steel Europe Group (the parent company of TSN) does not have any structural or
organisational links to Russia nor to sanctioned individuals or entities. Tata Steel Europe is
wholly owned by Tata Steel Pte Limited, a company floated on the stock market in Mumbai.
The largest shareholder is Tata Sons Pte Ltd with a shareholding of around 32%. None of
these entities are subject to sanctions, nor are any of the key people associated with the
company.
TSN also confirms that it complies with EU sanctions laws though the following measures:
1. TSN has taken the decision that it will not purchase materials (such as iron) from
Russia whilst the conflict continues.
2. Our company does not purchase steel goods (including slab and Hot Rolled Coil)
from Russia for further incorporation into our products.
3. TSN operates a robust system of sanctions checks for its counterparts which is
based on internal guidelines and checklists. In particular, we screen our customers
and suppliers using a third party screening tool, to ensure that we do not trade in
breach of sanctions laws. This tool also enables us to check if the counterpart is in
any way affiliated with a sanctioned entity or individual. Moreover, in certain cases,
we carry out additional research in public sources on the counterparts that are not
sanctioned but may be affiliated with / controlled by a sanctioned entity or individual.
4. Mindful that the EU has banned any vessels connected to Russia from using EU
ports, we are also vetting vessels used to deliver any supplies into the EU,
irrespective of the nature of the cargo or the originating country.