Magnate Deripaska resigns from Rusal board over U.S. sanctions

May 25, 2018, 23:33
Magnate Deripaska resigns from Rusal board over U.S. sanctions

A separate announcement was also released on Thursday announcing the resignation of the company's chief executive officer and seven directors.

Russia's largest aluminium producer, United Company RUSAL Plc (0486.HK), said on Friday non-executive director Oleg Deripaska had resigned with effect from May 25.

The government has refused to reveal the names of the four individuals, but confirmed that at least one of them was named on a US Treasury list, which was published in January, of individuals who have benefitted from closeness to the Putin regime and who could face future sanctions.

Rusal resumed shipping aluminum to some customers last week following an extension of the deadline for companies to wind down contracts under the usa sanctions, sources told Reuters.

The company said it is trying to take all available steps for the sanctions to be lifted by the USA and in order to protect its shareholders, creditors and business partners interests.

The US sanctions and the global fallout from the diplomatic tensions between Russian Federation and the west, have pulled Askeaton's Aughinish Alumina plant into uncertainty.

Underlining the depth of the difficulties facing Deripaska's firms, a Russian government source said that Rusal had asked the Russian government to buy some of its output.

In April, the U.S. imposed sanctions on Mr Deripaska and seven other oligarchs.

The bank is under the control of the Russian central bank and has been earmarked by the Kremlin to provide finance to sanctioned Russian firms, a task most regular banks will not undertake because of the sanctions risk.

On Thursday, Rusal's CEO and seven of its other directors also resigned from their positions. Rusal said unless sanctions are lifted or the winddown period is extended after October 23, its customers are likely to discontinue any existing contracts after the date.

This move comes a week after En+ Group, a firm that controls assets of the US-blacklisted businessman, said Deripaska had left its Board of Directors as part of the plan to have U.S. sanctions on it lifted by reducing his stake below 50 percent. Rusal declined to comment.

The Plan seeks to both reduce Mr Deripaska's shareholding in En+ to below 50% and to end his influence over the board of directors of En+ through the appointment of a majority of independent directors.

Russian Finance Minister Anton Siluanov said Thursday the Russian state would provide the firm with loans at market rates if banks refuse to lend to Rusal for fear of falling foul of USA sanctions.

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