Rusal 0486

Re: Rusal 0486

Postby winston » Mon Nov 05, 2018 8:55 am

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3Q, 2018 Results

Adverse effect of the OFAC Sanctions resulted in extraordinary low salesmvolume reported by the Company in the second quarter of 2018. Compared to this low base level there was a one-off recovery of sales volume through thenthird quarter of 2018.

Thus, the Company reported 33.6% growth in volumes of primary aluminium and alloys sold in the third quarter of 2018 upon the extension of Company’s general licenses, after a significant reduction in the second quarter of 2018.

Revenue in the third quarter of 2018 increased by 18.6% to USD2,918 million as compared to USD2,460 million in the third quarter of 2017. The result was an improvement of financial and operating indicators in the third quarter of 2018.

http://www3.hkexnews.hk/listedco/listco ... 105069.pdf
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Re: Rusal 0486

Postby winston » Sun Nov 11, 2018 7:50 pm

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US again extends sanctions deadline for Rusal

by Mamta Badkar

The Office of Foreign Assets Control, the arm of the Treasury which oversees US sanction policy, on Friday said it would delay until January 7, 2019, a deadline to wind up contracts and businesses with Rusal and its parent company EN+.

This gives parent EN+ more time to secure a potential exemption by pulling together a plan that would limit Mr Deripaska’s control.

Source: Financial Times

https://www.ft.com/content/46cecf10-e45 ... 2428919cee
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Re: Rusal 0486

Postby winston » Fri Nov 30, 2018 6:59 am

Russia sets aside 10 billion rubles to buy aluminum

MOSCOW (Reuters) - The Russian government could buy up to 50,000 tonnes of aluminum for the state reserve, a government decree showed on Wednesday, in a move that would support sanctioned Russian aluminum producer Rusal.

The decree, dated Nov. 26, allocated up to 10 billion rubles ($149 million) for the plan and is the initiative of Russian tycoon Oleg Deripaska, a government source told Reuters.

The purchases are currently being considered as a one-off step, the government source told Reuters.

At 50,000 tonnes, the volume covered by the decree is small, accounting for around 17 percent of the company’s monthly exports.

Source: Reuters

https://www.reuters.com/article/us-rusa ... SKCN1NX2FH
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Re: Rusal 0486

Postby winston » Thu Dec 13, 2018 7:22 pm

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Dec 10, 2018

U.S. Government Grants En+, Rusal Another Two Weeks Before Third-Party Sanctions Kick In

A press release posted late last week to the Treasury Department’s website indicated that the General Licenses 13H, 14D, 15C, and 16D have all been amended to show a deadline of January 21, 2019 , for the cessation of third-party transactions with the firms.


Source: Aluminium Insider

https://aluminiuminsider.com/u-s-govern ... s-kick-in/
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Re: Rusal 0486

Postby winston » Thu Dec 20, 2018 7:24 am

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Treasury plans to lift sanctions on Russian aluminum giant Rusal

By Donna Borak

Washington (CNN Business)The Trump administration on Wednesday notified Congress of its plans to lift sanctions on two Russian firms, including Rusal, the world's second-largest aluminum producer.

The Treasury Department said that Rusal and EN+ Group, the company that holds Russian oligarch Oleg Deripaska's stake in the Russian aluminum giant, and GAZ Group, a Russian automotive conglomerate, had made "significant restructuring and corporate governance changes" to allow them to meet the criteria to be delisted within the next 30 days.
It explicitly said Deripaska will remain on the sanctions list and his property would remain blocked as required under law.

Treasury has been trying to balance its effort to squeeze Russia with its desire not to tank the markets. In November, Treasury said licenses allowing Rusal to continue to do business with existing supply deals would be extended to January 7, 2019. The previous deadline was December 12.


Source: CNN Business

https://edition.cnn.com/2018/12/19/busi ... index.html
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Re: Rusal 0486

Postby winston » Mon Dec 24, 2018 8:54 am

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Experts Point to Longstanding Policy in EN+, Rusal Sanctions Removal Plan

Treasury may now have a stronger case for going after wealthy targets with vast holdings

Sanctions experts say the planned removal of sanctions on companies tied to Russian oligarch Oleg Deripaska follows longstanding U.S. Treasury Department policy.

By Samuel Rubenfeld

The Treasury now has a playbook for imposing sanctions on a person with vast holdings and then negotiating that person’s exit from the holdings while minimizing the effects of sanctions on those holdings, said David Murray, a former director of Treasury’s office of illicit finance.

Congress has 30 days from Wednesday’s announcement to decide whether to intervene, including by passing a resolution of disapproval that could stop the move. Lawmakers, though, initially reacted with plans to monitor, not halt, the agreement.

Source: Wall Street Journal

https://www.wsj.com/articles/experts-po ... 1545440069
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Re: Rusal 0486

Postby winston » Sun Jan 06, 2019 3:57 am

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Schumer Readies Paper Against Lifting Sanctions on Russia’s EN+, Rusal – Reports © Sputnik /

by Alexander Kryazhev

MOSCOW (Sputnik) –The Democrats’ leader in the US Senate, Chuck Schumer, prepared a resolution against the US Treasury Department's plans to remove US sanctions against Russian companies Rusal, EN+ Group and JSC EuroSibEnergo, the Daily Beast media outlet reported.

"I do so not because I have concluded that Congress should act to disapprove this agreement — I have not made that determination yet — but to preserve the procedural option of moving to bring up such a resolution at the end of the review process, if necessary, for expedited review and a vote by the full Senate," Schumer said in a statement as quoted by the outlet.

He noted that lawmakers would continue to assess the decision to lift sanctions on businesses linked to Russian businessman Oleg Deripaska.

The Daily Beast reported that if Schumer filed a resolution, it would need to get thorough both houses of the US Congress by simple majorities just to reach US President Donald Trump, who might veto it, which would then require a two-thirds vote in each chamber to be overridden.

On Friday, Schumer set the table for the resolution of disapproval, the outlet reported.

In December, the US Treasury Department's Office of Foreign Asset Control (OFAC) said Rusal, EN+ Group and JSC EuroSibEnergo agreed to undertake significant restructuring for the sanctions to be lifted.

OFAC Director Andrea Gacki explained that the three companies had agreed to make significant changes that would include reducing Russian businessman Oleg Deripaska's direct and indirect shareholdings in the entities to below 50 percent.

Source: Sputnik

https://sputniknews.com/world/201901051 ... sanctions/
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Re: Rusal 0486

Postby winston » Sun Jan 06, 2019 4:05 am

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Congress Is Examining Decision to Lift Sanctions on Russian’s Firms

By Kenneth P. Vogel

To keep the sanctions in place, the resolution would have to be approved by both chambers of Congress before Jan. 18.

That seems unlikely, given that it would require the Senate’s Republican majority to split with the administration. In the absence of congressional action, the sanctions would automatically be lifted from Rusal and the holding company that controls it, EN+, as well as a third Deripaska company.

Democrats contended that the Treasury Department was trying to ram the sanctions-relief decision through before the new Congress had time to stop it, and before the special counsel issued findings that might touch on Mr. Deripaska’s work with Paul Manafort, Mr. Trump’s former campaign chairman and a target of the special counsel investigation.


Source: NY Times

https://www.nytimes.com/2019/01/04/us/p ... ussia.html
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Re: Rusal 0486

Postby winston » Thu Jan 10, 2019 9:14 am

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Push to Block Removal of Rusal Sanctions Heads Toward Failure

by Samuel Rubenfeld and Ian Talley

Democrats are so far unable to secure Republican support needed to fight Treasury Department’s proposed treatment of aluminum producer

Source: Wall Street Journal

https://www.wsj.com/articles/push-to-bl ... 1547070773
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Re: Rusal 0486

Postby winston » Fri Jan 11, 2019 8:15 am

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Jan 9, 2019

S Lawmakers Ask Treasury to Delay Plans to Lift Sanctions on Rusal, EN+

WASHINGTON (Sputnik) - The leaders of seven committees in the US House of Representatives have demanded that Treasury Secretary Steven Mnuchin delay plans to lift sanctions on Russian companies Rusal, EN+ and EuroSibEnergo so that members of Congress can be briefed on the matter, a letter published on Tuesday said.

"We request that the Treasury Department delay the implementation of the sanctions termination to allow sufficient time for you to fully brief Members on this matter and to resolve the pending questions," the lawmakers wrote in their letter to Mnuchin.

They also asked that Mnuchin fulfil the request for a delay by Friday, January 11.

Previously, the US Treasury Department's Office of Foreign Asset Control (OFAC) said Rusal, EN+ Group and JSC EuroSibEnergo agreed to undertake restructuring for the sanctions to be lifted.

OFAC Director Andrea Gacki explained that the three companies had agreed to make significant changes that would include reducing Russian businessman Oleg Deripaska's direct and indirect shareholdings in the entities to below 50 percent.

Source: Sputnik News

https://sputniknews.com/us/201901091071 ... sanctions/
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