The UK government announced March 10 sanctions against seven Russian oligarchs including Roman Abramovich and Oleg Deripaska, minority shareholders in mining and metals companies Evraz, Rusal and Nornickel.

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Initially, the companies were unlikely to be affected because of their minority shareholdings. But the growing number of self-imposed restrictions by counterparties is becoming a trade-limiting force in itself.

The UK government has ruled to freeze the businessmen's assets in the UK, and they are also banned from travelling to the country and doing business with UK citizens or companies.

On the same day, a statement published on the London Stock Exchange said Evraz's listing has been temporarily suspended, as per a decision by the UK's Financial Conduct Authority meant to protect investors pending clarification of the impact of the UK sanctions.

Abramovich holds 28.64% in Russian miner and steelmaker Evraz, but does not have a seat on the company's board. With partners, he also owns Crispian, a firm that holds a less than 5% stake in Nornickel, a major producer of nickel, copper and platinum group metals.

An Evraz spokesman declined to comment on the potential impact these sanctions and the listing suspension might have on the business or trade of the company.

Earlier this week, Evraz issued a statement saying it had experienced no material impact on its day-to-day operations and trading from the international sanctions against Russia, although it had started to see friction in supply, logistics and financial flows.

Deripaska has an indirect interest in Hong Kong Stock Exchange-listed aluminum producer Rusal; he holds a 44.95% stake in independent hydropower generator En+ Group, which is Rusal's largest shareholder with a 56.88% interest.

"Since Rusal's removal from the US Office of Foreign Assets Control's Specially Designated Nationals And Blocked Persons List [in 2018-19], Deripaska does not retain any control in Rusal," a representative of Rusal told S&P Global Commodity Insights, adding that Rusal and its subsidiaries are not under any sanctions.

Earlier this week, En+ said it was considering carving out Rusal's international business; analysts viewed the potential move as an attempt to reduce risks to production posed by sanctions to Rusal's foreign assets.

"Deripaska does not have control over Rusal, so in theory there should be no influence on the company. The same is fair for Evraz as the share of Abramovich is minor, but in practice, everything depends on how legislators will interpret control over companies," said an industry analyst.

"Also, formal sanctions is one thing, and self-imposed limitations is another. Legislators may not formally prohibit working with companies affiliated to sanctioned individuals, but in practice, some counterparties may voluntarily withdraw from agreements with them — what we are already seeing," said the analyst.

LTG Cargo, a subsidiary of the Lithuanian Railways Group, said last week it had started to block the transportation of products made by Russian iron ore mining company Metalloinvest.

LTG Cargo's decision followed additional sanctions announced by the European Union last week, including sanctions against Alisher Usmanov, one of Metalloinvest's indirect shareholders.

Rio Tinto said it was cutting all ties with Russian businesses, which effectively includes its co-operation with Rusal too, the company with which the Anglo-Australian metals and mining corporation jointly owns Queensland Alumina refinery.