Oleg Deripaska Resigns 📝 from Rusal Amid US 🇺🇸 Sanctions Row

  |   World News

Russian oligarch Oleg Deripaska has resigned from the board of aluminium producer Rusal to shield it from US sanctions against him. Rusal - which produces about 7% of the world's aluminium- said his resignation was part of efforts to "protect the interests of the company".

In April, the US imposed sanctions on Mr Deripaska and seven other oligarchs. The sanctions prevent US citizens from doing business with all companies controlled by Mr Deripaska.

Rusal's share price halved after the sanctions were imposed, and it closed off western credit lines for the company.

The sanctions blacklist was produced in April, with the Trump administration targeting individuals and companies that it said had profited from a Russian state engaged in "malign activities" around the world.

Reports say Mr Deripaska is now planning to reduce his stake in EN+, the energy group that controls Rusal, to a level at which the US Treasury would allow the businesses to be removed from the blacklist.

He has already resigned from the board of EN+.

To read full article - http://v.duta.us/62ZqgwAA

📲 Get World News on Whatsapp 💬