Will Rusal default on some liabilities due to new sanctions?

12 Abril, 2018, 01:58 | Author: Kelly Blake
  • Aluminium giant Rusal share price halved after US sanctions

It came as Rusal, a Russian aluminium producer controlled by Oleg Daripaska, an oligarch who has been targeted in recent USA sanctions, said two more non-executive directors will depart after Ivan Glasenberg, the chief executive of Glencore, stepped down yesterday.

Shares of United Company Rusal, one of the world's biggest aluminum producers, will be deleted from global equity and debt indexes while its metal will not be allowed on the London Metal Exchange (LME) and the CME Group.

It said in a statement it withdrew the rating for "business reasons".

CEO of Glencore Glasenberg attends the St. Petersburg International Economic Forum Thomson Reuters MOSCOW (Reuters) - Rusal's dollar bonds slumped to record lows and a prominent board member resigned on Tuesday in the latest aftershocks from the Russian aluminum giant's inclusion last week on a new USA sanctions list.

The companies that provide those services are wary that, if they have to handle transactions relating to the Rusal bond, they too could come under sanctions risk.

"Despite the significant reaction on the Russian financial markets, the impact on the Russian economy from the recent sanctions is likely to be much more muted than it was before", he told The Associated Press.

The Russian government was "doing everything possible to minimise negative consequences" of the USA measures, he added.

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Shares in EN+ had already fallen 22 per cent on Friday after Washington imposed sanctions against Mr Deripaska and his businesses in a targeted move against the oligarch for "advancing Russia's malign activities".

The company considers it highly probable that the sanctions will have a significant negative effect on its business and prospects for its development.

Rusal produces nearly 6 per cent of the world's aluminium.

The sanctions freeze any assets that those targeted have in United States jurisdictions and bar Americans from doing business with them. Shares in Russian steelmaker Evraz were the biggest fallers on the FTSE 100 in London, closing 14.4% lower.

The head of the Central Bank of Russian Federation said she didn't view Russia's economy as financially unstable.

"What participants on the metal markets are far more concerned about is that the sanctions could also result in supply disruptions", Commerzbank AG analysts including Daniel Briesemann said in a note Monday.

Glencore CEO Ivan Glasenberg also resigned from his role as a Rusal director.

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