Finance Ministry freezes Vítkovice Steel assets

The Financial Analytical Office of the Ministry of Finance has frozen the assets of Ostrava-based company Vítkovice Steel, an export focused steel manufacturer which is owned by supranational investment funds belonging to the countries of the former Soviet Union. The asset freeze is connected to sanctions on Russia in response to the country’s invasion of Ukraine, Czech Television reported citing the spokeswoman of the Finance Ministry Michaela Lagronová.

In March, news site Info.cz reported that Vítkovice Steel shareholder control can be traced back to Russia’s development bank VEB. However, this was denied by the company’s spokesperson, who said that the owners of Vítkovice Steel are businessmen from the states of the former USSR and not Russia.