Oleg Deripaska quits Rusal board as US sanctions threaten company
By Duncan Ferris
Date: Friday 25 May 2018
(Sharecast News) - Russian oligarch Oleg Deripaska has resigned from the board of aluminium producer Rusal in order to spare the company from the effects of US sanctions placed on him.
The company, which supplies roughly 7% of the planet's aliminium, saw its share priced halved after it closed off western credit lines in response to the sanctions imposed on Deripaska and seven other oligarchs in April.
The price of aluminium soared after the sanctions were originally announced as buyers struggled to lock down supply.
Rusal's chief executive Alexandra Bouriko and seven directors resigned on Thursday as the company began its efforts to distance itself from the blacklisted oligarch.
Deripaska has also resigned from the board of energy group EN+, which controls Rusal, and plans to lower his 70% stake to a level that might see the US Treasury remove sanctions from the firm.
The sanctions were intended to prevent US citizens from doing business with company's owned by the group of oligarchs after the Trump administration said they had profited from the "malign activities" of the Russian government.
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