Evraz, the Russian steelmaker, fell victim to the hostile environment for the country's companies when it raised less than expected in a syndicated loan from a number of European banks.
The London-listed company, which is not on any sanctions list from the U.S. and European Union, raised $425 million, well below its $900 million target. No U.S. banks took part in the loan.
Russian companies have faced stringent sanctions from Western governments over the annexation of Crimea and the country's role in increased tensions in eastern Ukraine. This has pushed Western banks into imposing stricter rules, with some lender banks insisting firms make instant repayments if sanctions take effect.