Russian stocks tumble as U.S. imposes sanctions

10 April, 2018, 18:56 | Author: Elaine Woods
  • Will Rusal default on some liabilities due to new sanctions

This move will significantly impact the operations of Rusal, which has warned of a possible default.

The US Treasury on Friday included Rusal and seven other Deripaska-linked firms in a list of 12 Russian companies hit with sanctions that it said were meant to punish the country for actions in Crimea, Ukraine and Syria, and attempting to subvert Western democracies.

Rusal produces nearly 6 per cent of the world's aluminium.

The sanctions freeze any assets that those targeted have in U.S. jurisdictions and bar Americans from doing business with them.

The sanctions were weighing on broader markets in Russian Federation.

The Kremlin on Monday slammed the latest round of sanctions.

"Rusal will probably have to be bailed out by Russian state banks", wrote analysts at TS Lombard.

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In a sea of red for Russian stocks Evraz, the FTSE 100 mining group part-owned by Roman Abramovich, fell 14 per cent and Polymetal, the FTSE 250 miner, closed down 18 per cent.

Shares with Russian exposure listed elsewhere were also hit. The commodity giant is one of Rusal's top shareholders and the biggest buyer of its metal, while Glasenberg sits on the board.

EN+ said its annual report might be delayed and that its independent director, Dominique Fraisse, had quit on Friday after less than four months in the job.

En+, Oleg Deripaska's energy business which listed in London in November, plunged 42 per cent, compounding losses suffered on Friday.

It was noted that Oleg Deripaska, a Russian oligarch, lost the most. He features in Robert Mueller's investigation into Russian meddling in the U.S. election because of his ties to Paul Manafort, Donald Trump's former campaign chairman.

Prime Minister Dmitry Medvedev said Moscow was looking at how to support the companies and sectors that have been hit. It said further evaluations were being carried out to assess the impact of the sanctions. It was mentioned that the USA sanctions are highly likely to will have a negative impact on the business of the company and its development. "The situation is pretty egregious from the point of view of legality, it tramples on all kinds of norms, and so a thorough analysis is necessary", he said.

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