11 April, 2018
Companies owned by Russian billionaire Oleg Deripaska warned that United States sanctions against his Russian aluminium and energy empire would have a "materially adverse impact" on future business prospects and could result in technical credit defaults.
The London Metal Exchange (LME) said on Tuesday it would temporarily suspend Rusal's aluminum from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctioned companies.
Rusal produces nearly 6 per cent of the world's aluminium.
Russia's Moex stock market fell 7.6%, hitting funds exposed to the country.
Aluminium giant Rusal (0486.HK), which Deripaska also controls, saw half its value wiped out in overnight trading in Hong Kong.
The Kremlin on Monday slammed the latest round of sanctions.
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Under the sanctions, Americans are generally prohibited from doing business with the companies, and people of other nationalities could face sanctions themselves if they facilitate transactions for the firms. The state-controlled bank is seen as a barometer for the wider Russian economy. Polymetal, a Russian miner listed in London, was the biggest FTSE 250 faller, down 18%.
Meanwhile, Rusal board member Ivan Glasenberg, who is chief executive of Swiss-based trader Glencore, resigned on Tuesday, Glencore said.
Russian tycoon and former president of Rusal Oleg Deripaska listens during the "Regions in Transformation: Eurasia" event in Davos, Switzerland January 22, 2015.
The Treasury Department is implementing sanctions authorized by Congress a year ago to punish Russian Federation for interfering in the 2016 election. "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.
"We expect the risk of secondary sanctions will impact well beyond just U.S. imports, and Rusal material will indeed be shunned by many non-US consumers and their financing banks", said Oliver Nugent, a commodities strategist at ING.