Russian metals giant RUSAL is ready to change the leadership in the hope to convince the United States to lift the sanctions. If this does not work, the company will be forced to stop the export of aluminium forever.
As reported by two sources familiar with the matter, «RUSAL» will soon appoint a completely independent Board of Directors, which, in turn, approve the new team of the Board with the calculation that the United States will remove the firm from its list of sanctions.
And today (April 27), the group of companies of tycoon Oleg Deripaska’s En+ Group, which controls 48% of shares of «RUSAL», said that businessman generally agree to reduce its stake in En+ to less than 50%, and to leave the post of Chairman of the Board of Directors. Now Deripaska owns a 65% stake in En+ Group, and the members of his family — another 13%.
In turn, the representative of the U.S. Treasury reported that changes in the management of «RUSAL» does not guarantee the lifting of sanctions.
In the beginning of the month USA made 24 Russian companies and oligarchs in its new sanctions list. This decision of Washington was a real blow for the aluminum giant RUSAL, whose shares in a couple of days fell on the stock exchange in Hong Kong almost 50%, while prices for aluminium and alumina increased, causing damage to businesses worldwide, including in the United States.
But this week, the U.S. Treasury has slightly relaxed the restrictions, determined to give the largest producer of aluminium reprieve. Treasury Secretary Steven Mnuchin explained that sanctions against RUSAL and Deripaska should not be focused «on working people who depend on the manufacturer and its subsidiaries».
