Stocks of Rusal collapse 50% after United States sanctions
Stocks of Rusal collapse 50% after United States sanctions
Aluminium giant Rusal share price halved after US sanctions
11 April, 2018, 17:04
Deripaska, whose wealth Forbes magazine estimates at $6.7bn, meets Putin regularly and has said his own interests can not be separated from those of the Russian state. The list includes Oleg Deripaska, as well as Gazprom CEO Alexey Miller, VTB CEO Andrey Kostin, owner of Renova Viktor Vekselberg, President of Surgutneftegaz Vladimir Bogdanov, Member of SiburBoard of Directors Kirill Shamalov, businessmen Igor Rotenberg and Suleiman Kerimov.
The Kremlin slammed the sanctions.
"The biggest blow was taken by public companies controlled by Oleg Deripaska", Moscow brokerage Aton wrote in a briefing note, adding that the market was looking for "possible actions to minimise" the damage. The management of "RUSAL" have warned about the risk of a technical default.
The latest wave of sanctions also saw Russian stock market indices plummet around 10 percent.
Russia's currency also took a hit, with the dollar and euro rising to 59.81 and 73.42 against the rouble respectively.
The London Metal Exchange aluminium spot price went from $1,967 per tonne on Friday morning to close at $2,155/t yesterday.
Aluminum for delivery in three months jumped 4.8 percent to settle at $2,139 a metric ton at 5:51 p.m. on the London Metal Exchange, the biggest gain since November 2011.
Russian prime minister Dmitry Medvedev said on Monday that he would instruct the government to develop initiatives to support companies affected by the sanctions and also consider retaliatory measures in response.
Matt France, global commodities broker at Marex Spectron, agreed: "No doubt about the outperformer in both price and volume as aluminium surges post the Friday Rusalannouncement".
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.
The sanctions follow weeks of tit-for-tat diplomatic measures between Russian Federation and Western states following the poisoning of a Russian Federation former double agent in Britain last month. The sanctions were initially imposed to punish Russian Federation for actions in Crimea, Ukraine, and Syria, and for its alleged attempts to subvert Western democracies.
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