Published: Fri, May 25, 2018
Global News | By Stacy Ballard

Rusal says Deripaska has not formally resigned

Rusal says Deripaska has not formally resigned

Rusal's chief executive Alexandra Bouriko and seven directors resigned on Thursday as Rusal began its efforts to distance itself from the oligarch.

Gazprom CEO Alexei Miller and several prominent Russian businessmen, including aluminum tycoon Oleg Deripaska, were also put on the sanctions list.

Deripaska and the biggest companies in his empire were included on a US Treasury Department sanctions blacklist in April.

Since then, the United States has eased sanctions, giving Rusal customers until October to wind down their contracts with the Russian company.

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The US Treasury's Office of Foreign Assets Control (OFAC) announced fresh sanctions against Russian Federation last month following a major diplomatic crisis sparked by the poisoning in Britain of former double agent Sergei Skripal.

Prices for aluminum surged when Rusal was sanctioned, then fell last week after EN+ Group Plc., the holding company through which Deripaska has maintained his interest in Rusal, announced the billionaire is stepping down from the board of EN+ and intends to leave Rusal's board. It sent a shock wave through much of the global aluminium supply chain, as Rusal is a major supplier of the metal as well as intermediate product alumina and raw material bauxite.

A Putin aide confirmed on Friday a proposal to support Rusal, a day after a government source told journalists Deripaska had sought to have the state buy some of its aluminium.

Deripaska has already said he agreed in principal to reduce his influence in another company which controls Rusal. It also announced the departures of the seven board members.

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

In a separate statement to the bourse, Rusal said it was of the opinion that worldwide financial institutions were likely to stop dealing with the group unless the U.S. sanctions were lifted or the company was granted a new licence by the U.S. Office of Foreign Assets Control (OFAC).

Rusal did not immediately reply to a Reuters request for comment.

"Opportunities to provide financing to the group on commercially reasonable terms will be very limited", it said.

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