Sanctioned tycoon Deripaska resigns as director of his firm Rusal

Feature image

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.

NFL Won't Stand for Players Not Standing During National Anthem
That led to a league-wide protest where more than 200 players either refused to stand for the anthem or stayed in the locker room. It could have continued to address the protests and work with players to move away from what was making owners so uncomfortable.

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.

Related News:

  • Avengers: Infinity War writers reveal why the Netflix heroes didn't appear

    Avengers: Infinity War writers reveal why the Netflix heroes didn't appear

    While Thanos achieved his victory during " Infinity War ", this does not mean that the Avengers will not do something about it. The huge franchise started in 2008 with Iron Man , and it will finish with Avengers 4 after further than 20 films.
    Uber's Autonomous Driving Program to Shut Down in Arizona Following Fatal Crash

    Uber's Autonomous Driving Program to Shut Down in Arizona Following Fatal Crash

    Public trust in the future of self-driving vehicles has dropped following a flurry of autonomous auto crashes in recent months. No detailed explanation has been given for the decision to shut down its Arizona operations, which hosted around 300 workers.
    Trump cancels Singapore summit with Kim

    Trump cancels Singapore summit with Kim

    The summit plan hit a number of speed bumps recently as both sides have begun trading barbs and taking tougher positions. That explosion collapsed the complex's north tunnel, which was used for five nuclear tests between 2009 and a year ago .
  • Poland's Olga Tokarczuk wins Man Booker International Prize

    Poland's Olga Tokarczuk wins Man Booker International Prize

    One of Poland's most prominent authors has been named as the victor of this year's prestigious Man Booker International Prize . Tokarczuk, 56, a multiple award victor and bestseller in Poland, is now gaining recognition in the English-speaking world.
    Ankara struggles to prop up plunging Turkish Lira

    Ankara struggles to prop up plunging Turkish Lira

    He expressed support for the central bank "in doing what's necessary to stem the slide in lira & achieve price stability". Its rate-setters, it said, had made a decision to implement a strong monetary tightening to support price stability.
    Rising trend of casino apps

    Rising trend of casino apps

    For those who are looking for a specific game, Cherry Rush also includes a description of what games can be found each site. It used to be that if someone wanted to play a casino game they had to find a land based venue.
  • Hillary Clinton: US democracy in 'full-fledged crisis' under Trump

    Hillary Clinton: US democracy in 'full-fledged crisis' under Trump

    In the 2017 assessment, the FBI, CIA and NSA all agreed that Russian Federation interfered with a preference for Trump. The report was the first piece of public intelligence issued by the USA government on Russian meddling.
    Trump mulling probe of auto imports on national security grounds

    Trump mulling probe of auto imports on national security grounds

    The tariffs on steel and aluminum imports followed a year-long investigation, so any action on auto imports could be months away. President Donald Trump waves as he boards Air Force One to travel to NY from Joint Base Andrews in Maryland, U.S., May 23, 2018.
    Comcast prepares to challenge Disney for Fox assets

    Comcast prepares to challenge Disney for Fox assets

    To be clear, though, Comcast's proposal would not include Fox's other branches, such as their news and business networks. Comcast shares were down 1.5 percent at $32.01 while Disney was down 0.6 percent at $103.48 in premarket trading.
  • George Bennett slips back to 10th after second time trial

    George Bennett slips back to 10th after second time trial

    Now only four stages separate Britain's Yates and overall victory in the race. There's going to be guys trying to do insane things in the last week".
    Three women accuse Iowa Democratic Gubernatorial Candidate of sexual misconduct

    Three women accuse Iowa Democratic Gubernatorial Candidate of sexual misconduct

    Despite his apology, the condemnation from two women also seeking the Democratic nomination was sharp. A spokeswoman for AFSCME Council 61 had no immediate comment on the allegations against Boulton.
    Neymar back in training with Brazil

    Neymar back in training with Brazil

    Neymar was back in training on Tuesday (Wednesday, Manila time) to give Brazil a big boost ahead of the World Cup. Lasmar said Costa picked up the injury during Juventus' 2-1 win against Verona last weekend.

Most liked

Wael Abbas: Prominent Egyptian blogger 'arrested'
His Facebook account, which continues to work until today, has been hacked, according to Reporters Without Borders (RSF). Abbas has been posting about police violence, torture and corruption on social media for more than a decade.

Jacksonville leading state in growth, according to Census Bureau
The census figures are based on estimates that are later adjusted as more data are analyzed. Frisco , Texas grew the fastest a year ago at 8.2 percent, according to the census data.

Harker Heights holds its 13th annual Memorial Parade and Ceremony
The parade swells as it proceeds down Main Street as many spectators join it as soon as it passes on its way to the cemetery. The church sits along the parade route. 10 a.m.:American Legion Post 803 will host its Memorial Day Parade in Southold.

Trump blocking critics on Twitter violates Constitution: Judge
It's not clear, as of this writing, how many Twitter users Trump has blocked - it could be a few dozen, it could be thousands. If Twitter is a public forum where users have First Amendment rights, that could make Twitter bans unconstitutional as well.

Saudi Arabia arrests women's rights activists ahead of driving ban being lifted
Gerald Feierstein , a former USA ambassador to Yemen who also served in Saudi Arabia , says the arrests are " unsurprising ". Government spokesmen were not immediately available for comment on the latest reports.

Lee Westwood and Luke Donald named among European Ryder Cup Vice-Captains
Europe is adding a wealth of Ryder Cup experience for the team room with four more assistants to captain Thomas Bjorn . Westwood has played in every Ryder Cup since his debut in 1997 at Valderrama, and he has compiled a 20-18-6 record.

Cohen's Business Partner Flips on Him
Freidman's plea and cooperation were first reported by the New York Times . Cohen's business dealings are being scrutinized by federal prosecutors.

Train hits truck in Italy, leaving 2 people dead (VIDEO, PHOTOS)
Emergency services said the drivers of both the train and the heaavy goods vehicle (HGV) that is smashed into were killed. AGI said one passenger, a woman, was in a serious condition after sustaining a head injury but she remains conscious.

Trump Says New 'Structure' Needed in China Trade Deal
Representatives for the White House did not respond to a request for more information about the president's statement. MARTIN: Because, we should note, it was his Commerce Department that imposed these fines on ZTE.

Watch the Battlefield 5 reveal with Trevor Noah: WWII and free DLC
Xbox is the console marketing partner for Battlefield V and NVIDIA is the PC marketing partner. Curiously, BFV doesn't seem to have a battle royale mode.

Apple launches privacy portal for user data ahead of GDPR
The EU defines personal data as all information "related to an identified or identifiable natural person". While these rights comply with Europe's new law, they'll also be available to all Microsoft users.

Jared Kushner: Security clearance restored for Trump's son-in-law
At one point, the White House had dozens of employees awaiting permanent clearances before Chief of Staff John F. Special Counsel Robert Mueller's investigation into Russian interference in the 2016 presidential election.

Santa Fe hits home for veteran of helping mass shooting victims heal
It will include advocates both for and against further gun restrictions, mental health experts and social media experts, he said. A church group will host a gathering at a football stadium to honor those killed and injured during a Texas high school shooting.

Will Fiorentina continue the fight?
Another 16 goals brought Lorenzo Insigne, 13 goals went from Jose Callejon and 11 from Marek Hamšík. Forecasts Bookmakers consider Napoli as the main favorite - the coefficient for the victory of the hosts is 1.28.

Bets for upcoming Southampton vs Arsenal fight
Neither Arsene Wenger nor his players could afford themselves to lose another match if they still want to be in the top four. Arsenal is still keeping the dream to be qualified in Champions League after the victory over Manchester on Sunday.