Russian aluminum giant UC RUSAL’s Nadvoitsy Aluminum Smelter in the republic of Karelia lost a sales market due to the U.S. sanctions and has been storing its products at a warehouse for two months already, a source at the smelter reported on June 4. Warehouses have currently accumulated around 3,000 tons of aluminum. “The problem…
U.S. sanctions, imposed on Rusal in early April, threaten the payment of dividends by Norilsk Nickel of some $434 million. According to a recent position of OFAC, payment of dividends to an entity from the sanctions list will result in the secondary sanctions to the payer. Nornickel Board of Directors recommended the annual meeting of…
The aluminum empire of the Russian magnate Oleg Deripaska is in close contact with the U.S. Treasury, but needs until mid-summer to come up with a plan to meet U.S. requirements to escape sanctions, Reuters reported on May 31 citing En+ chairman Greg Barker. The U.S. Treasury in April imposed sanctions against billionaire Deripaska and…
Rusal, affected by US sanctions in early April, has suggested the state to start purchasing aluminum into reserves, having returned to the idea it voiced several years ago on the background of weak market situation. “The government is thinking it over”, a source in the government reported. And this is not the only way to…
Oleg Deripaska, the major shareholder of Russian aluminum giant UC RUSAL, has left the company’s board of directors to protect holders’ interests due to the U.S. sanctions, the company said on May 25 in a statement on the Hong Kong Stock Exchange. Earlier in May Deripaska left the board of directors of En+ Group, which…
Russian aluminum giant UC RUSAL has not received a notification of resignation of Oleg Deripaska, the company said in a press release on May 21. “As at the date of this announcement, the company has not received any formal resignation from Mr. Deripaska,” RUSAL said. On May 18 En+ Group announced resignation of Deripaska from…
The London Metal Exchange (LME) plans to lift a ban on trading of some products of Russian aluminum giant UC RUSAL that was introduced earlier due to the U.S. sanctions, Bloomberg reported on May 21 citing Hong Kong Economic Journal. LME is currently in talks with the government to study a possibility of trade of…
The High Court of London has started four-day hearings of a dispute between Russian aluminum giant UC RUSAL of businessman Oleg Deripaska and Interros of tycoon Vladimir Potanin over a sale of shares in metals giant Norilsk Nickel. Both businessmen arrived to the court to testify. A long-standing shareholder conflict, which was resolved in 2012…