The Russian rouble is falling further while two more directors ditch Rusal

Randal Sanchez
April 11, 2018

Prices of the metal, vital in the aircraft manufacturing and auto industries, jumped as traders protected themselves against the chance that United Company Rusal - the biggest aluminium maker outside China - will be prevented from supplying the global commodity market.

In a separate filing, Rusal said it was evaluating the effect of the London Metal Exchange's (LME) decision to suspend deliveries from any of Rusal's company's brands to LME-approved warehouses, effective from 17 April.

The Russian stock market also fell heavily.

Shares in Rusal fell by more than 50 per cent on Monday in Hong Kong, where it is listed.

The US on Friday imposed sanctions against Russian businessmen, companies and government officials, striking at associates of President Vladimir Putin in one of Washington´s most aggressive moves to punish Moscow for a range of activities.

The Russian government was "doing everything possible to minimise negative consequences" of the United States measures, he added.

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Police quickly evacuated the area and ambulances, firefighters and helicopters rushed to the scene to aid those who were injured. German media reports also said the man had mental health problems - something state authorities have not confirmed or denied.

Rusal's dollar bonds slumped to record lows, two major customers said they were reviewing their contracts, and the LME distanced itself from the aluminium giant, in the latest aftershocks from USA sanctions. "More and more companies are responding to the sanctions".

Glencore is one of Rusal's biggest investors and buyers of its aluminium, and its chief executive, Ivan Glasenberg, sits on the Rusal board.

A Government spokeswoman was last night unable to say what the sanctions mean for Rusal and its employees here.

"The biggest blow was taken by public companies controlled by Oleg Deripaska", Moscow brokerage Aton wrote in a briefing note, adding that the market was looking for "possible actions to minimise" the damage.

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".

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