Russia's Rusal warns of aluminum output hit if sanctions not lifted


"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.

Customers with USA exposure are banned from continuing to buy from the company. When the saga began, there were fears for up to 1,000 jobs in West Limerick, both through direct and indirect employment.

Earlier the President of Ukraine announced that the new sanctions will be harmonized with the USA sanctions, including the sanctions placed by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on 6 April 2018 against Oleg Deripaska.

The Russian aluminium company, which accounts for 7% of global aluminium production, was sanctioned by the US Treasury on April 6.

Rusal owner Oleg Deripaska has famously been linked in the past to president of Russia, Vladimir Putin.

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Rusal said Thursday that chief executive Alexandra Bouriko had resigned, as had half of the board. The company also warned that the United States sanctions, which were announced last month, could make it tough for it to pay back its debts.

Deripaska subsequently announced he would cut management ties with Rusal and his holding company En+, and reduce his stakes to under 50 percent.

Rusal, a Deripaska-linked company that is Russia's largest producer of the metal.

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.

Treasury also said on Tuesday that it will give GAZ and any entities in which the company has a 50 percent or greater stake until October 23 to wind down activities and comply with US sanctions.

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