Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 114

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 114
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 evidence of firm and ascertainable commitment. In most cases, there are no restrictions on capital inflows. However, all incoming loans are subject to the SARB’s approval and institutions’ overseas investments are restricted to 25% of retail assets for retirement funds and long-term insurers. Ukraine The National Bank of Ukraine ("NBU") is responsible for the country’s monetary policy. Due to the ongoing war with Russia since the end of February 2022, on shore liquidity on Ukrainian Hryvnya has been significantly reduced, leading to the NBU implementing strong regulation to control foreign exchange transactions. As of 2024, the National Bank of Ukraine (NBU) has introduced important updates to its foreign exchange regulations. These updates include easing restrictions on import payments and dividend repatriation, permitting currency transfers for international technical assistance, and facilitating VAT payments for e-commerce within the EU. Additionally, new limits have been set to reduce unproductive capital outflows, and restrictions on using foreign currency loans for purchasing securities have been tightened. These measures aim to maintain economic stability, support business operations, and effectively manage foreign currency reserves . Disclosure pursuant to Section 219 of the Iran Threat Reduction & Syria Human Rights Act (ITRA) regarding ArcelorMittal’s business with customers in Iran Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 added Section 13(r) to the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act). Section 13(r) requires an issuer to disclose in its annual reports whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran. Disclosure is required even where the activities, transactions or dealings are conducted outside the United States by non-US persons in compliance with applicable law, and whether or not the activities are sanctionable under U.S. law. In 2024, neither ArcelorMittal nor any of its affiliates engaged in activities, transactions or dealings relating to Iran requiring disclosure under Section 13(r). ArcelorMittal continues to monitor developments in this area, in particular the status of U.S. sanctions, the Joint Comprehensive Plan of Action ("JCPOA") and EU sanctions, and the expansion of the EU Blocking Regulation (Council Regulation (EC) 2271/96). ArcelorMittal carefully monitors political risk and sanctions exposure and has procedures and systems in place intended to manage those risks. However, ArcelorMittal’s business is subject to an extensive, complex and evolving regulatory framework. It is possible