Rusal CEO, board members quit amid U.S. sanctions pressure

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Rusal on Thursday said Chief Executive Alexandra Bouriko and seven board members resigned in an effort to help the company escape the Trump administration's sanctions program.

Russian aluminium giant Rusal announced Thursday that its chief executive and half of its board of directors had resigned to ensure the firm avoids U.S. sanctions that targeted its founder Oleg Deripaska.

On April 23, the US Treasury said it would consider lifting sanctions on Rusal if Deripaska ceded control, while extending the deadline for companies to exit dealings with Rusal by nearly five months, to October 23 this year.

Executive directors Vladislav Soloviev and Siegfried Wolf, and non-executive directors Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina had also tendered their resignation as directors with effect from June 28, it said in a filing to the Hong Kong bourse.

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Rusal is the parent company of Aughinish Alumina in Co Limerick. The sanctions have in effect locked the group out of the USA dollar economy and the company has...

In its statement, Rusal wrote: "Since April 2018, the company, acting in the best interests of its creditors, shareholders and partners, has been in continuous discussions with various authorities in an attempt to seek relief from the sanctions regime imposed by OFAC or to be removed from the Specially Designated Nationals list".

"Opportunities to provide financing to the group on commercially reasonable terms will be very limited", it said. Rusal said unless sanctions are lifted or the winddown period is extended after October 23, its customers are likely to discontinue any existing contracts after the date.

Earlier this month En+, the holding company through which Deripaska had control of 48 percent of Rusal, said he had resigned and that he was not seeking reappointment to the board of the aluminium giant.

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