mo4ch:>Shares in Russian aluminium giant Rusal surge as US lifts sanctions | Mo4ch News - Mo4ch News

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Thursday, December 20, 2018

mo4ch:>Shares in Russian aluminium giant Rusal surge as US lifts sanctions | Mo4ch News

Russian aluminum giant Rusal saw its stock jump 25 percent after the US said it is dropping sanctions against the firm after its owner, who is on the US sanctions list, reduced his stake in the company.

The Trump administration on Wednesday notified Congress of its plans to lift sanctions on two Russian firms, Rusal and EN+ Group. Both companies are owned by Russian businessman Oleg Deripaska, who was included in the list of sanctioned companies and individuals as part of broader US sanctions against Russia.

“Treasury sanctioned these companies because of their ownership and control by sanctioned Russian oligarch Oleg Deripaska, not for the conduct of the companies themselves,” Treasury Secretary Steven Mnuchin said in a statement.

“These companies have committed to significantly diminish Deripaska’s ownership and sever his control.”

Also on rt.com US extends deadline for sanctioned Russian tycoon to sell energy & metals business

On April 6, Washington imposed sanctions on the Russian businessman, and companies in which he owns stakes, citing “malign activities” by Russia. The move prompted fears of a global aluminum shortage and put upward pressure on the price.

However, the enforcement of the restrictions has been postponed to allow more time for talks with Rusal and its parent companies.

Rusal stock and En+’s global depositary receipt demonstrated significant growth at the opening of Moscow exchange on Thursday, surging 30 and 40 percent respectively, before rolling back slightly.

Deripaska himself will still remain on the sanctions list and his property in the US will remain blocked, the Treasury noted. The tycoon’s investment in En+, Rusal, or EuroSibEnergo is also frozen and he cannot obtain cash, either in return for his shares or from future dividends issued by the companies.

For more stories on economy & finance visit RT's business section


Source : RT Business News

Shares in Russian aluminium giant Rusal surge as US lifts sanctions

Shares in Russian aluminium giant Rusal surge as US lifts sanctions

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