Tuesday, 16 October, 2018

Fresh Russian Sanctions Snare Some Western Firms

Fresh Russian Sanctions Snare Some Western Firms Fresh Russian Sanctions Snare Some Western Firms
Jodi Jackson | 11 April, 2018, 17:06

The company made this statement amid a sharp decline in its shares: they fell by more than 40% on the stock exchange in Hong Kong. The websites of Rusal and sister company En+ were down on Tuesday evening for unknown reasons, although they'd worked earlier in the day.

Russia's Moex stock market fell 7.6%, hitting funds exposed to the country.

The London Metal Exchange (LME) will suspend Rusal's aluminium from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctioned companies, LME Chief Executive Matt Chamberlain told Reuters.

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 United States imposed major sanctions on Friday against 24 Russians, striking at allies of President Vladimir Putin in one of Washington's most aggressive moves to punish Moscow for its alleged meddling in the 2016 US election and other "malign activity". By making it virtually impossible for Deripaska's businesses to trade in USA dollars, the measures threaten the empire of one of Putin's closest allies.

Rusal is the second-largest aluminum maker in the world, while the USA is the largest importer of aluminium.

The firm, which produces nearly 6% of the world's aluminium, said the sanctions could cause technical defaults on bank loans and some credit obligations.

Glencore CEO Ivan Glasenberg also resigned from his role as a Rusal director. Rusal, which made Washington's sanctions list last week. The company floated its shares in London in November, raising $1bn (£710m), despite concerns that it could face sanctions related to Deripaska's ties to Putin.

'The Russian government operates for the disproportionate benefit of oligarchs and government elites, ' said Treasury secretary Steven Mnuchin.

Prime Minister Dmitry Medvedev said Moscow was looking at how to support the companies and sectors that have been hit.

The sanctions have had knock-on impact on precious metal palladium, which has surged 6 percent this week on the back of concerns about supply from number one producer Russian Federation.

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