Rusal chief executive and 7 directors quit

25 May, 2018, 10:10 | Author: Genevieve Gibbs
  • Alexander Shcherbak  TASS

Deripaska subsequently announced he would cut management ties with Rusal and his holding company En+, and reduce his stakes to under 50 percent.

On April 6, the U.S. authorities announced sanctions against a number of Russian officials, businessmen and companies.

The U.S. Treasury Department said it may lift sanctions on Russian vehicle maker GAZ Group and related companies if it severs ties with billionaire Oleg Deripaska.

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The threat of Rusal falling under U.S. sanctions sent aluminium prices soaring to a seven-year high $2,718 per tonne in mid-April.

The United States on Tuesday gave American customers of Russia's biggest van manufacturer GAZ more time to comply with sanctions, further backing away from its initially uncompromising stance on GAZ's owner, Russian tycoon Oleg Deripaska. The US will consider lifting the sanctions if Deripaska relinquishes control of his companies.

Rusal on Thursday said Chief Executive Alexandra Bouriko and seven board members resigned in an effort to help the company escape the Trump administration's sanctions program. The US Department of the Treasury had previously published an explanation, from which it followed that the loss of control over En+ and UC Rusal could lead to the removal of sanctions from the company.

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The United States announced sanctions on Rusal on April 6, preventing customers with USA exposure from continuing to buy Rusal's metal and sending aluminium prices to their highest in nearly seven years amid fears of a supply shortage. "Opportunities to provide financing to the Group on commercially reasonable terms will be very limited", the statement said.

On April 23, the US Treasury said it would consider lifting sanctions on Rusal if Deripaska ceded control, while extending the deadline for companies to exit dealings with Rusal by nearly five months, to October 23 this year.

Rusal also warned that under those circumstances it might not be able to maintain its operating performance at the level required to service and repay its debts and that could result in current creditors accelerating repayment.

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