Evraz PLC said Monday that a coupon payment for $18.9 million on a $704.1 million Eurobond note, due on March 21, has been blocked amid issues relating to the sanctioning of Russian oligarch Roman Abramovich.

The London-listed steelmaking and mining company said it has already paid $18.9 million to fund the coupon payment, and that it did so two days before the deadline so as to protect the rights of the noteholders. However, it said the payment was stopped for compliance by Societe Generale New York.

Evraz said the situation stems from uncertainty over a decision by the U.K.’s HM Treasury, Office of Financial Sanctions Implementation, or OFSI, to include one of company’s shareholders–Roman Abramovich, who owns a 28.64% stake in the company–in the extended sanctions list.

“The company continues to stand on the position that Roman Abramovich does not have effective control of the company,” it said.

Evraz added that it believes the company hasn’t been designated or sanctioned, and that it has sought clarity and confirmation from the Foreign, Commonwealth and Development Office, or FCDO, as well as OFSI, with responses still pending.

The company said that given the urgency of the matter it has also approached OFSI and the FCDO’s Sanctions Task Force to provide clarifications specifically regarding the coupon payment.

Evraz said there are no reasons for a potential default event, and that it has sufficient liquidity to complete the coupon payments.

“The company is fully committed to put all efforts to resolve the situation as soon as possible with release of coupon payment under the 2023 Notes and fulfill its payment obligations due on April 4, 2022, under its $700 million notes due 2024,” it said.