The Council on Ethics recommends that Evraz PLC be excluded from the Norwegian Government Pension Fund Global due to an unacceptable risk that the company is contributing to serious violations of fundamental ethical norms.
Evraz PLC is listed on the London Stock Exchange with a major presence in Russia where the company, inter alia, produces steel. The Council`s inquiries have shown that Evraz PLC may be linked to the Russian defense industry as a supplier of steel which enables Russia to continue its unlawful war of aggression against Ukraine. The Council has therefore contacted Evraz PLC numerous times with questions concerning the company`s engagement with the Russian defense industry. The company has failed to reply to the Council`s queries. On this basis, and in light of the cases described, the Council considers that the risk that Evraz PLC is providing critically important steel to Russian weapon production, is unacceptable.
The Council on Ethics issued its recommendation on 30 August 2024. Norges Bank announced its decision to exclude the company on 3 December 2024.