Shares of Russian metallurgical company Severstal fell by 12.2% to 716.40 rubles per paper at the Moscow Exchange as of 11:50 MSC. In just two days, the company’s securities have fallen in price by more than 25%.

The sharp decline in Severstal shares began after the news that the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury included Severstal itself and its principal owner Alexei Mordashov in a new sanctions list.

In addition, Deputy Prime Minister Dmitry Grigorenko, Construction Minister Irek Faizullin, and Foreign Ministry spokesperson Maria Zakharova have also been placed under sanctions. The sanctions were also imposed against seven yachts and three airplanes, which are linked to the Russians.