Shares in Rusal, other Deripaska-controlled firms crash after USA sanctions
10 April 2018, 06:58 | Andres Norman
Aluminum giant Rusal share price halved after US sanctions
The fall represented a loss of more than 3.5 billion euros ($4.3 billion) for the company, which is headed by billionaire Oleg Deripaska, and which accounts for some seven percent of the world's aluminium production.
The overall wealth of 50 richest Russians decreased by around $12 billion after the stock market decline due to the sanctions imposed by the U.S., as Russian Forbes reported.
The Kremlin on Monday slammed the latest round of sanctions.
'The Russian government operates for the disproportionate benefit of oligarchs and government elites, ' said Treasury secretary Steven Mnuchin. "This is an outrageous business from the point of view of illegality, from the point of view of flouting all the norms, and of course careful analysis is needed here", said spokesman Dmitry Peskov.
Other Russian oligarchs hit by sanctions include Alexei Miller, CEO of Russia's state-owned energy giant Gazprom, the BBC said. 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. "Rusal sells around 250,000 tons to 300,000 tons to the United States, but what if Japan or South Korea also say no?"
Shares with Russian exposure listed elsewhere were also hit.
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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.
Rusal's shares RUAL.MM dropped 16 percent on the Moscow Exchange on Friday. He said the new United States sanctions were unacceptable and illegitimate, and that the government would come up with plans to support the companies affected.
"US investors have to sell their interests in Rusal and En+ among others by 7 May".
Rusal and seven other companies linked to Deripaska were the main targets when the U.S. imposed sanctions created to punish Vladimir Putin's inner circle for "malign activity", including support for Bashar al-Assad's government in Syria and interfering with the USA election in 2016.
On Friday Russia's foreign ministry said there would be a "tough response" to the sanctions.
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