Rusal CEO, board members quit amid USA sanctions pressure

Ebony Scott
May 25, 2018

Evgeny Nikitin, who previously served as director of the company's aluminium division, will replace her as acting chief executive.

Deripaska among a group of Russian tycoons, companies and other people with ties to Russian President Vladimir Putin who were hit with USA sanctions April 6 in retribution for the Kremlin's alleged meddling in the 2016 presidential election.

Among those sanctioned was metals magnate Oleg Deripaska (50) and eight of his companies, including three Jersey-registered firms - Basic Element Limited, a private investment and management company, EN+ Group, an aluminium and power producer, and United Company Rusal Plc, which is one of the world's largest aluminium producers.

CEO Alexandra Bouriko's resignation was effective as of May 23.

"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.

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Because of the sanctions of the action associated with the Deripaska companies RUSAL and En+ fell sharply.

In a separate statement, Rusal said unless sanctions are lifted or the company is granted a new license by the U.S. Office of Foreign Assets Control (OFAC), worldwide financial institutions are likely to stop dealing with the group and its metal production and sales would be hit.

In a separate statement issued overnight, Rusal said that unless sanctions are lifted or the U.S. comes to another decision, global banks are likely to stop dealing with the group - and operations, including metal production and sales, would be hit. This month the US Treasury extended the deadline for third parties to sever their links with Rusal from June to October, granting the company some breathing space.

Rusal also warned that under those circumstances it might not be able to maintain its operating performance at the level required to service and repay its debts and that could result in current creditors accelerating repayment.

Other reports by GizPress

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