KXIP vs KKR Live Score

Russian businessman Oleg Deripaska left the UC Rusal board of directors to protect the company's interests against the backdrop of USA sanctions.

The State Duma draft bill would introduce jail time of up to four years in jail for individuals who refuse to supply services or do business with Russian citizens under USA or other sanctions.

Uncertainty over aluminum supplies has supported prices, which at ~$2,250/metric ton have jumped more than 10% since April 6. This was one of Washington's most aggressive moves to punish Moscow for its alleged meddling in the 2016 USA election and other "malign activity".

That came a day after the chief executive and seven board members quit, also in a move to distance the firm from Deripaska and his associates. For Rusal, they prompted a scramble among worldwide aluminum buyers and commodity exchanges to sever ties to the company, putting its survival in doubt.

The company's statement explained that the board of directors had adopted the Barker's plan (named after the predecessor of the board Gregory Barker), implying the removal of sanctions from the company by reducing the share of Deripaska below 50%.

The Off-Again Meeting With North Korea
China wasn't surprised by the collapse of the summit given recent signals that had come from Trump, a government official said. We will neither beg the U.S. for dialogue nor take the trouble to persuade them if they do not want to sit together with us.

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

Washington has previously offered a similar extension to sanctioned aluminium producer Rusal, in which Deripaska holds a 48 per cent stake.

Rusal said their departures were part of efforts "to protect the interests of the Company and its shareholders".

Rusal's stock was up nearly 7% following the announcement but it's still more than 55% below where it was trading before the sanctions hit. EN+, which went public past year in London, has a 48.1% stake in Rusal. All seven Rusal directors whose departures were announced Thursday had been nominated for their seats on the board by EN+.

Evgeny Nikitin, head of Rusal's aluminum division, has been appointed by the board as the acting CEO of the company for a period from May 23 until the board appoints a new CEO.


COMMENTS