LONDON, (Reuters) – Evraz, a Russian steelmaker whose largest shareholder is Roman Abramovich said Monday that a payment for a bond coupon of almost $19 million was not received by its principal pay agent. It also stated it believes the issue was connected to sanctions.

London-listed company stated there were no grounds for default and that sufficient liquidity was available to pay the coupon payments.

It stated that the agent who paid the coupon, Bank of New York Mellon NYSE:, had said to Evraz that it hadn’t received the funds. This was “blocked for compliance”. Evraz continued with Societe Generale OTC: New York.

SocGen NY has not yet responded to our request for comment.

Coupon for Evraz’s March 2023 Dollar Bond. Last Monday, the issue was traded at 64c in dollar

Britain issued sanctions on Abramovich on March 10th, freezing his assets, and prohibiting him from visiting Britain.

Evraz reiterated that Abramovich (who owns 28.64% of the company) does not exercise effective control and that it doesn’t believe it has been sanctioned or designated.

Evraz claimed that the company had sought confirmation and clarity from Britain’s Treasury and Foreign, Commonwealth and Development Offices about this matter.

Russell, Britain’s Index provider, announced last week that Evraz would be expelled after many brokers refused trading the shares.