vested
Rusal share price jumps after US sanctions concessionAluminium producer given green light to sign new contracts with existing customers
by Henry Foy in Moscow
Shares in Russian aluminium producer Rusal jumped as much as 17 per cent on Monday after the US Treasury said it would allow the company to negotiate some new contracts, easing fears over its future output and raising hopes for a longer-term reprieve from sanctions.
Some of those concerns were allayed late on Friday, when the US Treasury said in a clarification statement that it would
allow Rusal to sign new supply contracts with existing customers, essentially allowing the company to continue doing business with its established partners.
Rusal’s Moscow-listed shares gained as much as 17.3 per cent by early afternoon, the best-performing stock on the Russian exchange. The shares then pared some gains to close up 14.7 per cent at Rbs26.8 ($0.39), which is still significantly below its pre-sanctions price of about Rbs40.
Friday’s clarification also allows Mr Deripaska’s other companies, including automaker GAZ Group, to sign similar contracts.
EN+, Mr Deripaska’s London-listed holding company that owns his stake in Rusal, saw the price of its Moscow-listed depository receipts jump as much as 12 per cent.
Lord Barker’s proposal to Ofac involves Mr Deripaska reducing his stake to less than 50 per cent by temporarily transferring the shares to a Russian bank, which would then sell them on to investors after the curbs are lifted.
Source: Financial Times
https://www.ft.com/content/4058829e-ba5 ... 176fbf93f5
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