Published: Thu, April 12, 2018
Global News | By Stacy Ballard

Shares in Russian companies plummet on USA sanction fears

Shares in Russian companies plummet on USA sanction fears

On the Hong Kong stock market, one of the exchanges where Rusal's shares are listed, it closed 50 percent down at HK$2.34.

Washington has accused Deripaska of operating for the Russian government.

On Tuesday its dollar bonds maturing in 2023 fell 17.3 cents to a new record low, according to TradeWeb.

"We expect the risk of secondary sanctions will impact well beyond just U.S. imports, and Rusal material will indeed be shunned by many non-US consumers and their financing banks", said Oliver Nugent, a commodities strategist at ING.

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Aluminum for delivery in three months soared as much as four percent to $2,124 a metric ton on the London Metal Exchange, extending a 1.6 percent gain in the previous session and likely the biggest jump in more than two years.

"This is not an existential issue for Rusal - the aluminum will get out to the rest of the world by some means", Gait said by phone. That's up 13% since Thursday, before the USA announced sanctions.

It came as Rusal, a Russian aluminium producer controlled by Oleg Daripaska, an oligarch who has been targeted in recent U.S. sanctions, said two more non-executive directors will depart after Ivan Glasenberg, the chief executive of Glencore, stepped down yesterday. Shares in Rusal and EN+ had already fallen sharply on Friday in response to the sanctions, which were announced towards the end of trading in London.

But the company said it was premature to speculate on the future of an Australian venture of which Rusal is part owner.

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Rusal, which is at the heart of sanctioned businessman Oleg Deripaska's global aluminium empire, has already warned the measures imposed by USA authorities could trigger technical defaults on some of its debts.

As Russia's currency and capital markets dipped on delayed response to Friday's United States sanctions against a handful of Kremlin-friendly billionaires, one vital metal used across the globe in aircraft manufacturing and the auto industries is soaring today.

Other foreign firms with ties to Deripaska's empire include Austrian construction company Strabag, in which the Russian's firm Rasperia has a blocking stake, and Singapore's Changi Airports International, which is a partner with a Deripaska-owned airports firm.

Rusal declined to comment on Tuesday.

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