Russians with residency not hit by U.S. sanctions

Faith Castro
May 25, 2018

THE COMPANY that owns Aughinish Alumina, UC Rusal, overnight announced that its new CEO and seven of its directors have resigned.

The United States last month slapped sanctions on Deripaska and the companies he owns along with other Russian tycoons that have close ties to the Kremlin in response to Moscow's alleged meddling in the 2016 USA presidential election and what Washington called other "malign activities" by Russia.

VTB stopped cooperation with the companies of Oleg Deripaska, came to the us sanctions list, and does not give them new loans.

Russia's largest aluminium producer, United Company Rusal Plc, said on Thursday its chief executive and seven board members have quit, and warned it may have problems servicing its debt due to the impact of US sanctions.

On Thursday, May 24, UC Rusal announced the resignation of its general director Alexandra Buriko and Evgeny Nikitin was appointed its CEO.

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"Oleg Deripaska, non-executive director of the Company, has tendered his resignation as a director of the Company with effect from 25 May 2018", the company's statement said.

The Russian oligarch, who has close ties to President Vladimir Putin, agreed last month to reduce his stake in EN+ Group - the holding company that controls Rusal - to below 50%.

Because of the sanctions of the action associated with the Deripaska companies RUSAL and En+ fell sharply. Rusal said unless sanctions are lifted or the winddown period is extended after October 23, its customers are likely to discontinue any existing contracts after the date. "The company may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment".

"The Company constantly evaluates the impact of the OFAC Sanctions on the Group".

Customers with U.S. exposure are banned from continuing to buy from the company.

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