Rusal drops on United States sanctions

10 April, 2018, 20:12 | Author: Terri Saunders
  • Aluminium giant Rusal share price halved after US sanctions

This move will significantly impact the operations of Rusal, which has warned of a possible default.

Worldwide trading houses have stopped buying aluminum from Rusal because of the sanctions, according to executives at five companies that regularly buy from the company, who spoke on condition of anonymity due to the sensitivity of the discussions.

The entrance to a Moscow business centre that houses the offices of the aluminium giant Rusal, one of the companies controlled by the Russian billionaire Oleg Deripaska.

The sanctions freeze any assets that those targeted have in USA jurisdictions and bar Americans from doing business with them.

The sanctions could also threaten a tentative revival in Russia's economy, which had only just started to recover from those imposed in response to its annexation of Crimea in 2014.

Shares with Russian exposure listed elsewhere were also hit.

Concerns also spread to Glencore, the FTSE 100-listed mining and energy giant. As Bloomberg points out, the move also raises questions for Glencore and its billionaire chief Ivan Glasenberg, the commodity giant who is one of Rusal's top shareholders, owning an 8.75 percent stake and also the biggest buyer of its metal, having bought $2.4 billion of metal from it a year ago.

Steve Wozniak shuts down his Facebook account in protest
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EN+ said its annual report might be delayed and that its independent director, Dominique Fraisse, had quit on Friday after less than four months in the job.

EN+, the aluminium to hydropower firm controlled by Mr Deripaska, dived by 25% in London.

The Russian government was "doing everything possible to minimise negative consequences" of the U.S. measures, he added.

Moscow said it was looking to support Russian companies hit by the sanctions.

"This is an outrageous business from the point of view of illegality, from the point of view of flouting all the norms, and of course careful analysis is needed here", Putin's spokesman Dmitry Peskov told journalists. He said the new USA sanctions were unacceptable and illegitimate, and that the government would come up with plans to support the companies affected.

The company said the sanctions were likely to have a "materially adverse" impact on its business and finances.

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