Rusal 0486

Re: Rusal 0486

Postby winston » Fri Jun 29, 2018 1:49 pm

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RUSAL: Crispian Ruled Precluded from Disposing Norilsk Shrs

RUSAL (00486.HK) announced that the High Court in London issued its decision yesterday (27 June) in relation to its legal challenge pursuant to the dispute resolution mechanisms set out in the Framework Agreement.

According to the judgement, Crispian was and is precluded under the Framework Agreement from disposing the offered shares of Norilsk.

Source: AAStocks Financial News
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Re: Rusal 0486

Postby winston » Fri Jun 29, 2018 1:56 pm

Rusal says it’s doing everything required to lift sanctions threat

By: Martin Ritchie and Yuliya Fedorinova

United Co. Rusal is doing everything it can to avoid punitive U.S. restrictions due for full enforcement in October, according to the Russian aluminum giant’s acting Chief Executive Officer Evgeny Nikitin.

“Right now, we are taking all the actions that should be be required to achieve the right result for the company,” Nikitin, who replaced Alexandra Bouriko, said in an interview Thursday after the company’s annual meeting in Hong Kong.

“We are operating in full compliance with the conditions of our license” from the U.S. Treasury’s Office of Foreign Assets Control, he said.

Rusal has endured months of turmoil since the U.S. announced sanctions in April aimed at its billionaire founder, Oleg Deripaska, who resigned as a non-executive director last month in a fresh bid to distance himself from the company. The curbs are poised to take full effect from Oct. 23 unless Deripaska relinquishes control.

“The company, of course, has had some difficulties,” said Nikitin, who was named as acting CEO amid a mass exodus from the board last month. “We are now in constant contact with U.S. authorities,” he said. “I can’t speak concretely about that, but our contact is comprehensive, and always continuous.”

The U.S. sanctions fueled unprecedented volatility in global aluminum prices by casting doubt on the future of a major player in the global supply chain. Rusal churns out about 6 percent of the world’s aluminum and operates mines, smelters or refineries in locations including Guinea, Ireland and Jamaica—in addition to its main base in Russia.

Aluminum is now 5 percent higher that when sanctions were announced.

Rusal’s woes are emblematic of the much more significant role that geopolitics are playing in commodities markets in the past year. The sanctions on the company are part of a U.S. package of measures targeting dozens of Russian tycoons to punish the country’s elite for actions including allegedly meddling in the U.S. elections and incursions into Ukraine.

These issues are among the topics for discussion when President Donald Trump meets his Russian counterpart Vladimir Putin at a summit this summer.

Asked if he was hopeful that the summit could be helpful for resolving Rusal’s difficulties, Nikitin said: “We are businessmen not politicians, so we will leave the politics to the presidents.”

Source: AJOT

https://www.ajot.com/news/rusal-says-it ... ons-threat
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Re: Rusal 0486

Postby winston » Tue Jul 17, 2018 5:15 am

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U.S. firm Mercury LLC tried to enlist ambassadors to help Russian company

Mercury LLC drafted messages for at least six envoys to send to senior U.S. government officials.

It's unclear how many of the ambassadors sent the messages.

Mercury is to earn $108,500 every four weeks, according to the contract, to support Barker's efforts to negotiate Deripaska's exit from the EN+ board and "the reduction of his ownership interest in the company."


There can be only two possible owners of Rusal: the Russian government or Deripaska. That's because the aluminum company's main assets are giant smelters in east Siberia, a reality Treasury officials failed to grasp.

"It appears to me that both parties play the game now: Deripaska reduces his public exposure and the Treasury (Department) pretends that it is satisfied, gradually easing the sanctions," Aslund said.

The Treasury Department has set a late October deadline for his 70 percent stake in EN+ to be cut back to less than 50 percent.


The draft messages warned that each country would be damaged economically if the sanctions aren't eased. France and Germany rely on Rusal's aluminum in their automotive, telecommunications and aerospace industries. And Rusal is a full or part owner of factories that employ hundreds of people in Ireland, Sweden, Australia and Jamaica.

The ambassadors of France and Sweden did not send the messages, according to representatives from each embassy. The embassies of Germany, Ireland and Australia wouldn't say.


Prosecutors recently disclosed that Deripaska provided a Manafort company with $10 million around 2010, a transaction described as a loan on U.S. income tax forms.


Source: CBS

https://www.cbsnews.com/news/u-s-firm-m ... n-company/
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Re: Rusal 0486

Postby winston » Mon Jul 23, 2018 9:25 am

Russia's Rusal Provided US Treasury a Plan for Removing Sanctions - Mnuchin

by Alexander Kryazhev

WASHINGTON (Sputnik) - US Treasury Secretary Steven Mnuchin said on Friday that Russia's aluminum giant Rusal has provided the Treasury Department with a plan that details how to take the company off the US list of sanctioned entities.

Mnuchin told Reuters that the goal is to keep Rusal in business if acceptable solution can be found.

In April, Rusal was targeted by the United States with sanctions, alongside other assets of tycoon Oleg Deripaska.

Deripaska, the former director of Russia’s Rusal aluminum giant, was blacklisted by the United States alongside several other tycoons for allegedly profiting from the state’s "malign" activities abroad.

Source: Sputnik

https://sputniknews.com/business/201807 ... sanctions/
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Re: Rusal 0486

Postby winston » Mon Jul 23, 2018 9:29 am

Mnuchin: US open to removing Russian aluminum producer from sanctions list

BY JOHN BOWDEN

Treasury Secretary Steven Mnuchin said Friday that the Trump administration is considering the possibility of removing a Russian aluminum company from a list of sanctioned entities as the company seeks to reconcile with the U.S. government.

Mnuchin told Reuters that the sanctions aimed at top Russian companies suspected to be involved in “malign activities” were not meant to destroy the aluminum company, Rusal, which the outlet reported is working on reestablishing a relationship with U.S. officials.

“The company has approached us on certain de-listing issues [from the Specially Designated Nationals List],” Mnuchin told Reuters in an interview.

“I’m not going to go into the exact specifics of what those proposals are and where we stand on them, but, yes, if we can find an acceptable solution, that is our objective,” he added.

“The path for the United States to provide sanctions relief is through divestment and relinquishment of control of RUSAL by Oleg Deripaska,” the agency said in April.

Source: The Hill

http://thehill.com/policy/finance/39817 ... tions-list
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Re: Rusal 0486

Postby winston » Fri Jul 27, 2018 5:16 am

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Mnuchin cites 'productive' talks with Rusal to lift sanctions

“The intent was to change the behavior of the oligarch,” he said.

“We weren’t looking to put sanctions on aluminum companies and I think we’re in productive discussions with the company to resolve those issues.”


Source: Reuters

https://www.reuters.com/article/us-usa- ... SKBN1KG25K
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Re: Rusal 0486

Postby winston » Fri Jul 27, 2018 5:19 am

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En+ Ready to Implement Sanctions Relief Plan as Deadline Looms

By Jack Farchy and Anna Baraulina

Owner of 48% of Russia’s Rusal asks U.S. for action by Aug. 5
Company sees sale to China or nationalization without relief

En+ Group Plc has asked for a temporary reprieve from U.S. sanctions by Aug. 5 as the final phase of its plan for billionaire Oleg Deripaska to relinquish control is “ready for implementation,” according to a filing from a lobbyist for the company.

The filing by Mercury LLC gives new detail on En+’s plans to persuade the U.S. Treasury to lift sanctions against the company and United Co. Rusal, which it controls.

Without that relief, the lobbyist said En+ would have to consider a sale to China or nationalization, while the global aluminum market could see a repeat of the turmoil that followed the imposition of the sanctions in April.

The Treasury’s Office of Foreign Assets Control, or OFAC, has given investors until Aug. 5 to sell their shares in En+ and Rusal.

Source: Bloomberg

https://www.bloomberg.com/news/articles ... line-looms
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Re: Rusal 0486

Postby winston » Sun Jul 29, 2018 5:54 pm

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WILL THE U.S. TREASURY HAND A GIFT TO ONE OF PUTIN’S CLOSEST ALLIES?

Aluminum company Rusal, founded by Putin ally Oleg Deripaska, could catch a break—not two weeks after Trump’s Helsinki summit.

BY EMMA STEFANSKY

On Friday, CNN reported that the U.S. Treasury is looking into lifting the sanctions altogether.

Paul Manafort signed a $10 million contract with the oligarch in 2006 and is believed to have worked with Deripaska, to bolster the Kremlin’s reputation and discredit Putin’s enemies.


Source: Vanity Fair

https://www.vanityfair.com/news/2018/07 ... -sanctions
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Re: Rusal 0486

Postby winston » Wed Aug 01, 2018 1:41 pm

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U.S. Treasury Grants Russia's Rusal More Time For Bid To Waive Sanctions

The U.S. Treasury Department said on July 31 that it has extended the deadline for investors to divest holdings in the sanctioned Russian companies EN+, GAZ Group, and Rusal from August 5 to October 23.

U.S. Treasury Secretary Steven Mnuchin said last week that the United States was in productive talks with Rusal to remove it from Washington's sanctions list.

The company has taken a number of steps, including revamping its board, in the hope of escaping the U.S. blacklist.

The extension of time granted by Treasury gives Deripaska more time to implement a plan to cut his influence in the business.

Deripaska in April agreed to cut his stake in En+ to less than 50 percent and to appoint a majority of independent directors to the company’s board.

Three months after announcing the plan, however, the company hasn’t publicly identified any potential independent directors, nor any buyer for Deripaska’s shares.

Source: Radio Free Europe

https://www.rferl.org/a/us-treasury-gra ... 02338.html
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Re: Rusal 0486

Postby winston » Wed Aug 01, 2018 1:42 pm

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US Treasury Extends Time to Divest From EN+, GAZ, Rusal

The U.S. Treasury Department said on Tuesday that it had extended the deadline for investors to divest holdings in sanctioned Russian companies EN+, GAZ Group and Rusal to Oct. 23 from Aug. 5.

The U.S. Treasury in April imposed sanctions against billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including aluminum exporter Rusal, in response to what it termed "malign activities" by Russia.

Deripaska has held a controlling interest in En+, which in turn controls Rusal, the world's largest aluminum producer outside of China. Automaker GAZ is also part of his business empire.

U.S. Treasury Secretary Steven Mnuchin said last week that the United States was in productive talks with Rusal to remove it from Washington's sanctions list.

The company has taken a number of steps, including revamping its board, in the hope of escaping the U.S. blacklist.

Source: VOA

https://www.voanews.com/a/us-treasury-e ... 08591.html
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