Rusal 0486

Re: Rusal 0486

Postby winston » Thu Aug 09, 2018 11:46 am

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RUSAL Worries Partial Production Suspension from Sep if U.S. Not Lift Sanction: Report

RUSAL (00486.HK) worried that part of its production will be suspended as early as September, which leads to disastrous consequences, if the U.S. does not remove the sanction on the company, Reuters cited sources.

U.S. customers are required to cut off any connections with RUSAL by 23 October, according to the sanction as announced in April.

Sources said all of the contracts will become invalid from 1 October if the sanction is not removed in short term.

Source: AAStocks Financial News
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Re: Rusal 0486

Postby winston » Fri Aug 10, 2018 9:47 pm

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How a Blacklisted Russian Firm Won (and Lost) a Break From Trump’s Tariffs

Tariffs of 10 percent on aluminum.

Despite the cloud of sanctions, Rusal filed more than 100 requests for exclusions that would allow it to import aluminum products from its Russian parent company to produce furniture, portable ladders and other goods.

An American aluminum titan, Century Aluminum, filed objections to all but a few of those requests.

Rusal’s first 19 requests were denied by Commerce Department officials. In late July, its 20th request was granted.

This week, the department reversed course on the exclusion, after The New York Times inquired about whether Century Aluminum had, in fact, filed an objection, given its pattern of objecting to nearly every other Rusal application.



Source: NY Times

https://www.nytimes.com/2018/08/09/us/p ... ption.html
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Re: Rusal 0486

Postby winston » Mon Aug 13, 2018 3:56 pm

Oleg Deripaska offers sanctions relief plan to US Treasury

Oligarch proposes slashing his stake in En+ by shifting shares to VTB

Mr Deripaska has agreed to reduce his holding in London-listed En+ to below 45 per cent from around 70 per cent currently, primarily through the transfer of shares to VTB, a Russian bank with close links to the Kremlin.

While the involvement in the plan of VTB — a bank that is itself under US sanctions — may raise questions in Washington, people familiar with the proposal say it would only hold the En+ shares briefly until sanctions are lifted.

At that point it would sell them into the market to cover loans it has made to Mr Deripaska, which he has struggled to service and repay since he was sanctioned in April.

Russia’s second-largest lender, state-controlled VTB is run by Andrei Kostin, who is also under US sanctions for his alleged links to Vladimir Putin. VTB has been a key creditor to Mr Deripaska’s empire but said in May that it had ceased lending to the oligarch.

Any dividends the billionaire receives from his remaining shares will also be placed into an escrow account. The money will not be released until the oligarch himself is removed from the US sanctions list.

Mr Deripaska has also agreed to a “legally binding” undertaking not to vote against En+’s independent directors, the people said.

If the sanctions are lifted, En+ would revive a share swap deal with Glencore, the Swiss miner and commodity trader, that would help dilute Mr Deripaska’s stake to below the 45 per cent level.

Rusal has stockpiled almost half a billion dollars worth of aluminium in the first half of the year.


Source: Financial Times

https://www.ft.com/content/0aedfd06-9cb ... 54c65a4465
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Re: Rusal 0486

Postby winston » Wed Aug 22, 2018 2:16 pm

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US senators call for tough policy on Rusal; Treasury says Deripaska is target

Washington — US senators called Tuesday for a tougher policy on aluminum producer Rusal, questioning the Department of the Treasury's under-secretary for terrorism and financial intelligence, Sigal Mandelker, about sanctions and tariffs on the Russian company.

In a hearing conducted by the Senate Committee on Banking, Housing and Urban Affairs, lawmakers asked for action against Rusal that lines up with overall US foreign policy objectives toward Russia.

Senator Heidi Heitkamp, Democrat-North Dakota, called US actions toward Rusal "schizophrenic," questioning why Treasury seems more interested in targeting Oleg Deripaska, Rusal's owner, than the company itself.

"We were clear that when we designated Deripaska and his companies we were designating those companies because they were 50% or more owned or controlled by Mr. Deripaska," Mandelker said, adding: "We also appreciated that those kinds of designations can have wide ranging effects."

"No one cares that soybean farmers are collateral damage, so why do we care if people who use aluminum are collateral damage on sanctions?" the senator responded, adding: "When you have your boot on the neck of a bad actor, you should keep it there."

In a similar manner, Senator Elizabeth Warren, Democrat-Massachusetts, asked why the Department of Commerce had originally granted Rusal an exemption for 14-inch diameter billets of AA6005A alloy.

The senator, who wrote Commerce questioning the product exemption on August 7, said she was glad Commerce revoked the decision August 8.

Warren also expressed concern over reports that Treasury was considering lifting sanctions on the aluminum producer.

"Treasury is reportedly considering lifting sanctions on Rusal, which is sanctioned for its ties to a corrupt Russian oligarch who contributed to [Russian President Vladimir Putin's] illegal occupation of Ukraine.

Let me ask. Has Putin withdrawn from the illegal occupation of Ukraine? Stopped cyber attacks and disinformation or halted efforts to spread corruption?" Warren said.

Market sources have heard from Washington contacts that sanctions on Rusal could soon be lifted as the company has laid out a specific plan to remove Deripaska's influence.

Mandelker said US sanctions on Rusal are still in effect, and did not disclose any plans for lifting them in her testimony.

However, she said the goal of sanctions was "to make sure that the impact of the designation was felt by Mr. Deripaska and not our closest allies."

Source: S&P

https://www.spglobal.com/platts/en/mark ... -is-target
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Re: Rusal 0486

Postby winston » Thu Aug 23, 2018 10:26 am

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Deripaska’s Pain Shows Trump Is Tough on Putin, Treasury Says

By Saleha Mohsin

Senators from both parties call for tough action on Russia
Treasury official says no plan to relieve Rusal sanctions

Source: Bloomberg

https://www.bloomberg.com/news/articles ... asury-says
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Re: Rusal 0486

Postby winston » Tue Aug 28, 2018 1:43 pm

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Too big to sanction? U.S. struggles with punishing large Russian businesses.

by John Hudson

After an outcry from manufacturers and foreign governments, Treasury softened its stance, giving companies more time to end dealings with the aluminum producer, Rusal, and suggesting it could lift sanctions on the company if Deripaska cedes control.

Russian lawmakers say the measures could prompt Moscow to halt exports of its RD-180 rocket engines, which the United States uses to launch government satellites.

Russian state television said Moscow could also retaliate by charging U.S. airlines more to traverse Russian airspace en route to Asia.

Congress, meanwhile, is considering additional sanctions to punish Russian “aggression,” including its interference in U.S. elections. The bipartisan legislation would ban U.S. investors from buying new shares of Russian government debt.

It would also cut some Russian banks’ access to U.S. dollars, a step that would “very, very seriously hit the Russian financial system,” said Vladimir Milov, economic adviser to Russian opposition politician Alexei Navalny, a foe of President Vladi­mir Putin.

Deripaska’s camp is dangling the threat of even worse outcomes for the United States if Washington doesn’t lift the Rusal sanctions. Failure to reach a deal could lead the holding company through which Deripaska controls the aluminum producer to seek “other avenues to resolve the current impasse, including a potential acquisition by Chinese interests or the potential nationalization of the company by Russia,” according to Justice Department filings made by a U.S. lobbying firm representing the holding company’s chairman.

One former Treasury official said the tumultuous rollout of the Rusal sanctions showed a lack of coordination with U.S. allies and ignorance about the global metals market.

Rusal is a major supplier of alumina, a raw material used to produce aluminum, so global prices for alumina also shot up.

U.S. allies, including Germany, Ireland, France and Britain, warned the State Department that the move was disrupting global markets and hurting European factories that relied on Rusal, diplomats said, speaking on the condition of anonymity to discuss sensitive conversations.

Ireland expressed concerns about a Rusal-owned alumina plant in rural Ireland that employs 470 people in a region “where there isn’t alternative sources of employment,” Daniel Mulhall, the Irish ambassador to the United States, said in an interview.


Source: Washington Post

https://www.washingtonpost.com/business ... 68b4ace4a6
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Re: Rusal 0486

Postby winston » Tue Aug 28, 2018 3:51 pm

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Russia may buy aluminum for state stocks to support Rusal: minister

“There might be (aluminum purchases for the state stocks) but for now, there is no such need,” he said, providing no other details.


Source: Reuters

https://www.reuters.com/article/us-usa- ... SKCN1LD0JE
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Re: Rusal 0486

Postby winston » Fri Sep 07, 2018 4:30 am

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Customers to shun Rusal at Berlin 'mating season' for 2019 aluminum deals

by Pratima Desai

LONDON (Reuters) - European customers will avoid deals with Russia’s United Company Rusal, under U.S. sanctions, when the industry meets in Berlin next week to seal 2019 metal supply agreements.

“Anyone that has a relationship with Rusal will be preparing for the sanctions to remain in place for now.”

“In the current situation of complete uncertainty, Rusal cannot sign contracts for next year”.

Maybe the penny will drop in Berlin, that four million tonnes (a year) could be taken out of the market”.

“Even if the U.S. do lift the sanctions, they won’t do it until after the (U.S. midterm) elections in November,” an aluminum industry source said, adding that a probe into possible collusion between President Donald Trump’s election campaign and Russia would delay any action.




Source: Reuters

https://www.reuters.com/article/us-russ ... SKCN1LM22U
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Re: Rusal 0486

Postby winston » Fri Sep 07, 2018 4:34 am

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Rusal's August aluminium exports up 7 percent from July - Ifax

MOSCOW, Sept 6 (Reuters) - Russian aluminium producer Rusal , under U.S. sanctions since April, increased its aluminium exports by 7 percent in August compared to the previous month, Interfax news agency said.

“These figures cannot be considered correct as this is unofficial information from Russian Railways, which does not take into account real sales and a range of other factors,” the company said.

Rusal declined to provide its own figures on aluminium exports for August.

Last year, Rusal, in which Deripaska’s En+ is a controlling shareholder, sold 3.95 million tonnes of aluminium, of which 42 percent was shipped to Europe.


Source: Reuters

https://uk.reuters.com/article/usa-sanc ... KL5N1VS1VT
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Re: Rusal 0486

Postby winston » Fri Sep 07, 2018 3:33 pm

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Europe Avoids Deal with RUSAL under Sanctions: Report

As rumored in market, U.S. had imposed enlarged sanctions on Russia.

The aluminum industry is meeting in Berlin next week to finalize 2019 metal supply agreements, yet European customers will avoid sealing deals with RUSAL (00486.HK), Reuters quoting people with knowledge of the matter.

According to the U.S. Treasury, the deadline for U.S. consumers to wind down business with RUSAL was extended from 5 June to 23 October.

It would consider dropping sanctions if Oleg Deripaska (RUSAL's former president) ceded control of the company.

European customers with operations in the U.S. or sales to U.S. customers must also abide by the deadline.

Source: AAStocks Financial News
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