Stock Market News
Oleg Deripaska quits Rusal board as US sanctions threaten company
Russian oligarch Oleg Deripaska has resigned from the board of aluminium producer Rusal in order to spare the company from the effects of US sanctions placed on him.
The company, which supplies roughly 7% of the planet's aliminium, saw its share priced halved after it closed off western credit lines in response to the sanctions imposed on Deripaska and seven other oligarchs in April.
The price of aluminium soared after the sanctions were originally announced as buyers struggled to lock down supply.
Rusal's chief executive Alexandra Bouriko and seven directors resigned on Thursday as the company began its efforts to distance itself from the blacklisted oligarch.
Deripaska has also resigned from the board of energy group EN+, which controls Rusal, and plans to lower his 70% stake to a level that might see the US Treasury remove sanctions from the firm.
The sanctions were intended to prevent US citizens from doing business with company's owned by the group of oligarchs after the Trump administration said they had profited from the "malign activities" of the Russian government.
The company, which supplies roughly 7% of the planet's aliminium, saw its share priced halved after it closed off western credit lines in response to the sanctions imposed on Deripaska and seven other oligarchs in April.
The price of aluminium soared after the sanctions were originally announced as buyers struggled to lock down supply.
Rusal's chief executive Alexandra Bouriko and seven directors resigned on Thursday as the company began its efforts to distance itself from the blacklisted oligarch.
Deripaska has also resigned from the board of energy group EN+, which controls Rusal, and plans to lower his 70% stake to a level that might see the US Treasury remove sanctions from the firm.
The sanctions were intended to prevent US citizens from doing business with company's owned by the group of oligarchs after the Trump administration said they had profited from the "malign activities" of the Russian government.
Related share prices |
---|
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price