Following Warren Questions on His Work Tied to U.K.-Sanctioned Russian Company Evraz, McFerran Withdraws Nomination to be VP at Export-Import Bank

Following Warren Questions on His Work Tied to U.K.-Sanctioned Russian Company Evraz, McFerran Withdraws Nomination to be VP at Export-Import Bank

"You joined the Evraz subsidiary called East Metals AG…a year after Russia's invasion of Ukraine and attempted annexation of Crimea. Evraz describes East Metals AG … as its 'sole distribution channel' for exports to most of the world. Reports also indicate that '80% of Russia's commodities are traded through Switzerland.'"

"Zug-where East Metals AG was based-reportedly 'specialises in hosting large Russian mining groups,' and you served as the Vice President of the Zug Commodity Association."

Text of Letter (PDF)

Washington, D.C. - After U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Bryce McFerran, Acting Chief Banking Officer of the U.S. Export-Import Bank (EXIM), raising concerns about his work helping to sell Russian commodities globally, McFerran reportedly pulled his own nomination to be First Vice President of EXIM Bank. In her letter to McFerran, Ranking Member Warren requested information to evaluate the extent to which his past work for a key Swiss subsidiary of the Russian metals and mining company Evraz from 2015 to March 2024 could jeopardize his ability to protect sensitive U.S. business information and ensure that EXIM beneficiaries do not undermine U.S. national security interests.

McFerran remained at the subsidiary and served for at least some time as its chief financial officer-even after Russia's full-scale invasion of Ukraine in 2022; after the United Kingdom imposed sanctions on Evraz; and after the U.S. Department of the Treasury authorized the imposition of sanctions on any person determined to operate in the metals and mining sector of the Russian economy. The United States later sanctioned several Evraz subsidiaries.

"We are especially concerned about your past work that appears to be deeply connected to a Russian metals and mining giant called Evraz," wrote Ranking Member Warren. "Evraz has generated significant revenue for Russia and reportedly 'may have supplied steel to the Russian military that could have been used to produce tanks.""

The Ranking Member continued: "Your decision to work for an Evraz subsidiary in the wake of Russia's initial invasion of Ukraine and after its launching a full-scale war raises significant questions about your judgment and your commitment to U.S. national security. It also raises questions about the origin of funds you used to make a nearly $1 million donation to the Trump 47 Committee-a PAC created to fund President Trump's and other Republican campaigns, including the Republican National Committee-in 2024."

The Ranking Member also raised concerns about McFerran's potential past interactions with Russian officials: "Your time in Zug raises further questions about the extent to which you interacted with Russian officials or individuals affiliated with Russian state-owned companies (...) Assessing the possibility of undue influence is critical because EXIM holds confidential business information about a range of U.S. firms and EXIM's leadership works closely with the President and the Administration to ensure that proposed financing does not undermine U.S. national security or benefit foreign adversaries."

The Ranking Member concluded by requesting answers from McFerran on his ties to Russia no later than November 6, 2025.

###

• Print
• Email
• Tweet