Sanctioned tycoon Deripaska resigns as director of his firm Rusal

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Among those sanctioned was metals magnate Oleg Deripaska (50) and eight of his companies, including three Jersey-registered firms - Basic Element Limited, a private investment and management company, EN+ Group, an aluminium and power producer, and United Company Rusal Plc, which is one of the world's largest aluminium producers.

The United States last month slapped sanctions on Deripaska and the companies he owns along with other Russian tycoons that have close ties to the Kremlin in response to Moscow's alleged meddling in the 2016 USA presidential election and what Washington called other "malign activities" by Russia.

Uncertainty over aluminum supplies has supported prices, which at ~$2,250/metric ton have jumped more than 10% since April 6.

The chief executive and seven directors have resigned from Russia's largest aluminium producer and the company has warned that usa sanctions could leave it struggling to repay its debts.

Washington said the sanctions, which struck at allies of Russian President Vladimir Putin, were created to punish Moscow for its alleged meddling in the 2016 USA election, something Russia denies, and other "malign activity".

Rusal is the parent company of Aughinish Alumina in Co Limerick.

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It said the decision was taken in order to "protect the interests of the company and its shareholders".

Mr Deripaska, who is himself the subject of USA sanctions, had already announced his intention not to stand for re-election to the board. The company's stock lost about two-thirds of its value in the wake of the sanctions announcement. EN+, which went public a year ago in London, has a 48.1% stake in Rusal.

Most of the board members who have stepped down were nominated for their positions by EN+, the holding company through which Deripaska controls Rusal.

Rusal is now taking steps to loosen its ties to EN+.

On Thursday, May 24, UC Rusal announced the resignation of its general director Alexandra Buriko and Evgeny Nikitin was appointed its CEO.

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