Russian Aluminum Giant Makes Bid For Relief From US Sanctions
Apr 28, 2018, 15:15
Washington said earlier this week that it might remove Rusal from its sanctions list if Deripaska ceded control.
"The path for the United States to provide sanctions relief is through divestment and relinquishment of control of RUSAL by Oleg Deripaska", the Treasury said.
THE BILLIONAIRE Russian owner of Aughinish Alumina's parent company, Rusal, has no plans to let go of the company, despite the fact that the United States has said that sanctions would be eased if he sold his share.
Russian-based Rusal will be forced to quit the global aluminium market and focus on domestic consumers if the USA does not lift sanctions once an independent board is in place, a source familiar with the matter said.
"Rusal is in touch with US authorities and hopes the measure will be enough for them to be removed from the sanctions list", one of the two sources said.
Currently, Europe is Rusal's largest market, with 42 percent of the company's products sold there in 2017.
The changes were announced on April 27 by Deripaska's En+ holding company, which owns 48 percent of Rusal, the largest aluminium producer in Russian Federation and the second-largest worldwide.
It was not immediately clear if the steps announced by En+ on Friday and those the sources said were planned by Rusal would be enough for the USA sanctions to be lifted.
Deripaska also agreed with the chairman's proposal that he resign from the board and consent to the appointment of new directors to give the board an independent majority, it said. Rusal's other shareholder, Viktor Vekselberg, was also put on the sanctions list.
EN+ said that without an extension of the authorization period, "the ability of the company to maintain its GDR listing on the London Stock Exchange will be materially impacted". "If this (option) does not work out, then there will be the second option, which (Russian industry and trade minister Denis) Manturov talked about", the source said.
"Rusal is now in a very close dialogue with OFAC (the Office of Foreign Assets Control of the US Department of the Treasury)".
"Up to 2 million tonnes will be processed internally and meet the needs of the military-industrial complex", the source said.
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