Rusal CEO Quits Amid Pressure Over US Sanctions

25 May, 2018, 12:27 | Author: Earnest Bishop
  • Rusal CEO Quits Amid Pressure Over US Sanctions

But with execution of a plan by oligarch tycoon Oleg Deripaska to relinquish control over Rusal's parent EN+ Group still unsettled, it remains unclear how far the company is from meeting U.S. demands for trading restrictions that are crippling its operations.

"But the earlier commitment for Deripaska to relinquish control in parent EN+ is still pending execution". He also resigned from the board of EN+. EN+, which went public a year ago in London, has a 48.1% stake in Rusal. This is stated in the company's message posted on the Hong Kong Stock Exchange.

It was also announced that Vladislav Soloviev, Siegfried Wolf, Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina will quit the company's board of directors from June 28.

On Thursday, Rusal announced the resignation of its chief executive Alexandra Bouriko and seven other board members.

Rusal shares closed the morning session at HK$1.96, up 3.7 per cent.

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

"The business of newly sanctioned institutions accounts for less than 2% of our assets, so it will, of course, affect us to some extent, but we still need to see what happens to them, as talks on lifting sanctions for Rusal and some other companies". The Askeaton company refines imported bauxite into alumina which is a major ingredient in the manufacturing of aluminium.

The Decision has not been officially published and the full list of new sanctions is not yet publicly available.

Deripaska among a group of Russian tycoons, companies and other people with ties to Russian President Vladimir Putin who were hit with US sanctions April 6 in retribution for the Kremlin's alleged meddling in the 2016 presidential election.

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 US or other sanctions.

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