The U.S. Department of the Treasury intends to lift sanctions from Russian power companies En+ Group and EuroSibEnergo, and aluminum giant UC RUSAL of businessman Oleg Deripaska in 30 days, but will retain sanctions against Deripaska personally, it said in a statement.
The authority sanctioned these companies because of their ownership and control by Deripaska, not for the conduct of the companies themselves. These companies have committed to significantly diminish Deripaska’s ownership and sever his control, it also said.
RUSAL shares jumped by 25% on the Hong Kong Stock Exchange at the opening.
Reuters reported that the London Metal Exchange (LME) proposed to lift its suspension on aluminum produced by RUSAL if U.S. sanctions were lifted.
The price for aluminum reached $1,910 per ton, the record low from August 2017, on the LME as of 8:19 Moscow time thanks to the news. (Prime/Ukrainian metal)
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