The Russian rouble is falling further while two more directors ditch Rusal
11 April, 2018, 17:04 | Author: Teresa Adams
The London Metal Exchange (LME) will suspend Rusal's aluminium from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctioned companies, LME Chief Executive Matt Chamberlain told Reuters.
Shares of Rusal plunged as much as 41.8% today, its lowest since October 2016. Rusal sells more than 10% of its aluminium to the US.
Although the supply pipeline of the metal, more than two-fifths of which is sourced in Russian Federation, has not been directly hit by the sanctions, the market has been rattled by the inclusion of Deripaska on the blacklist.
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The firm, which produces nearly 6% of the world's aluminium, said the sanctions could cause technical defaults on bank loans and some credit obligations.
The US sanctions could lead to other unexpected downstream effects.
Russian prime minister Dmitry Medvedev said on Monday that he would instruct the government to develop initiatives to support companies affected by the sanctions and also consider retaliatory measures in response. The sanctions were initially imposed to punish Russian Federation for actions in Crimea, Ukraine, and Syria, and for its alleged attempts to subvert Western democracies. Some companies outside the United States are wary that Washington could slap so-called "secondary sanctions" on them if they are deemed to be facilitating Rusal's business.
Concerns also spread to Glencore, the FTSE 100-listed mining and energy giant.
Glencore CEO Ivan Glasenberg also resigned from his role as a Rusal director.
'The Russian government operates for the disproportionate benefit of oligarchs and government elites, ' said Treasury secretary Steven Mnuchin. That's up 13% since Thursday, before the USA announced sanctions.
EN+, which only listed in London in November having raised $1 billion from City investors despite fears over the potential of further sanctions being imposed on Russian Federation, said it would focus on maintaining its operations and ensuring it "abides by all applicable laws and regulations". "The situation is pretty egregious from the point of view of legality, it tramples on all kinds of norms, and so a thorough analysis is necessary", he said.
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