Asia Ali market mulls impact of US' sanctions on Rusal; responses mixed
05:57, Apr 11, 2018
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While Russian markets, including the rouble, fell across the board on Monday, Rusal assets were hardest hit, with its Hong Kong listed shares halving in value and the company warning it risked tipping into technical default.
The measures affect the seven oligarchs, 12 companies they own or control, as well as 17 senior Russian government officials.
Washington has accused Deripaska of operating for the Russian government.
Any assets the seven have under U.S. jurisdiction have been frozen and United States nationals are forbidden from doing business with them. A new provision expands those rules to transactions involving non-Americans, in a major blow to his operations.
The US said it imposed the latest sanctions because of Russian activity in Ukraine, its support of President Bashar al-Assad in Syria's civil war and for subverting Western democracies.
Rusal is the second-largest aluminum maker in the world, while the USA is the largest importer of aluminium.
Conversely the aluminium price has enjoyed a gain of more than 6.5% over Friday and Monday, its biggest two-day advance since December 2011 on supply concerns, Bloomberg reported.
"The company's initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group", the company said. Glencore owns a almost 9% stake in the firm.
Rusal, a Russian-based aluminum maker, has been included in a list of companies sanctioned by the US.
Sanctions implemented Friday prevent USA entities from doing business with Rusal. On Friday, Deripaska described the United States sanctions as "groundless, ridiculous and absurd".
"The company intends to continue to fulfil its existing commitments whilst seeking solutions (which may involve adjustments to its existing agreements and arrangements in accordance with legal and regulatory requirements) to address the impact of the [sanctions]", it added.
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