On Friday, the United States imposed sanctions against Tekhnopromexport (part of Rostek), its CEO Sergei Topor-Gilki, Deputy Energy Minister Andrei Chemezov and Director of the Department of Energy Ministry Evgeny Grabchak - since August 2017 they have been sanctioned by the European Union, they are considered to be involved to the delivery of Siemens gas turbines to the Crimea. The Office for the Control of Foreign Assets (OFAC) of the US Treasury supplemented the sanctions list with "Power Machines" Alexei Mordashov.

OFAC included "Power Machines" in the list of special national structures and citizens (Specially Designated Nationals and Blocked Persons, SDN). Hit in the SDN List means a complete ban on Americans for any transactions with the company, explains Tertychny Agabalyan partner Ivan Tertychny: besides, all the assets of Power Machines will be frozen on the territory of the United States. If the EU joins these US sanctions, the company will have problems in Europe, he says.

"The decision of the US Ministry of Finance to make" Power Machines "on the sanctions list is puzzling. The motives of this act are not clear. We are sorting out the situation, "a company representative told Vedomosti. The representative of the shareholder of "Severgrupp" declined to comment.

Mordashova company is one of the 10 largest power engineering companies in the world in terms of installed equipment. It is engaged in designing, manufacturing and supplying equipment for nuclear, thermal, hydroelectric power stations, electric grid companies. Power Machines reports that they work in Northern and Eastern Europe, Latin America, Africa, China, India and Vietnam.

Power Machines and Siemens own the Siemens Gas Turbine Technology Company, which sold four gas turbines for the Taman station in the summer of 2015 to Tekhnopromexport (part of Rostek, which is in the process of being liquidated). But the turbines were in the Crimea, where Tekhnopromexport LLC builds power plants - in Sevastopol and Simferopol.

The joint venture Siemens Gas Turbine Technology was not subject to sanctions, but its situation raises many questions, commented Herberth Smith partner Alexei Panich: "65% in the joint venture is with Siemens, for some time the enterprise can continue its work, but at the general meeting of shareholders may have problems". To approve the issues at the annual meeting, in most cases, 50% of votes are required to pay dividends, select a board of directors and take the report, Panich explains, but if there is a need to amend the charter, 75% of the vote is needed. Most likely, either Siemens, or "Power Machines" will decide to leave the enterprise, suggests Panich, but for this they will have to find some third party to sell her a package.

At Power Machines, more than half of the revenue is generated from exports, so the company may be extremely sensitive to restrictions, says Natalia Porokhova, head of the research and forecasting group of ACRA, although the main markets for Power Machines are developing countries.

The portfolio of orders of Power Machines ensures full capacity utilization for three years, Interfax quoted the company's data. In 2015, orders were at $ 5.5 billion, in 2016 - $ 6.455 billion, in 2017 - $ 6.762 billion. The main strategic goal for the long term "Power Machines" in the report for 2016 was called, including the expansion of the presence in the global energy equipment market (South and South-East Asia, Latin America and Africa). The company plans to increase the share of export supplies to 70%.

"Power Machines", in addition to other products, produce heat recovery boilers for thermal stations under the license of the American company Nooter / Eriksen. Will the company produce equipment under this license and on, a representative of Power Machines does not say. Most likely, Mordashov companies will have to suspend this production for an indefinite period, Tertychny believes, and the parts and components for this technology will not be received by Power Machines.