On June 21, 2021, the EU designated Mr. Mikhail Gutseriev as an individual subject to EU sanctions.
The reasons for listing in respect of Mr. Mikhail Gutseriev include reference to «SAFMAR». Nonetheless, SAFMAR Financial investments itself is not designated as an entity subject to EU sanctions. Furthermore, the use of the «SAFMAR» brand is not an attribute of a company being either owned or controlled by Mr. Mikhail Gutseriev.
The Company has taken independent legal advice which confirms that neither the Company nor its subsidiaries are subject to sanctions under EU law. Based on the review and consideration of extensive due diligence information, the legal advice concludes that Mikhail Gutseriev holds no ownership interest in the Company and does not exercise any control over the Company or its subsidiaries.
As such, the E.U.’s recent imposition of restrictive measures on certain individuals and entities does not extend to SFI. The Company and its subsidiaries continue to operate fully and without interruption.
Where appropriate, the Company will provide its counterparties with further details concerning the legal position of SFI under EU sanctions.