US Treasury extends wind-down period for aluminum producer Rusal

Германия ждет от США особого подхода

The United States on Monday opened the door to sanctions relief for Russian aluminum producer United Company Rusal Plc 0486.HK, saying it was considering a company bid to avoid USA sanctions and would weigh the impact on American allies and partners.

The selloff in aluminium after the Treasury announcement spread through other commodity markets on optimism the U.S. is not likely to impose further sanctions on Russia's metals and energy companies.

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The US statement also adds pressure on Deripaska as he tries to save the company without surrendering control. These include the 20% stake Rusal owns in Rio's Gladstone alumina refinery and supply deals for bauxite and alumina, as well as metal with other buyers.

European leaders had been working to persuade Pres. Trump to ease sanctions on Russian Federation, and Treasury Secretary Mnuchin said the "impact on our partners and allies" factored into the USA reprieve. Eastern time. It rose as much as 12 points before middaThe Dow Jones industrial average fell 102 points, or 0.4 percent, to 24,360. Among those hit was aluminum giant Rusal Co. But on Monday, prices for the metal on the London Metal Exchange, rapidly reversed course to trade down more than 6 percent after soaring 3 percent in morning trading - a 10 percent swing within just one day. The Kremlin and Deripaska did not immediately respond to requests for comment. A German lobbying group said European plants may be forced to close and carmakers could face supply shortages. The company owns mines, refineries and smelters not only in Russian Federation, but also all over the world, for example in Ireland and Jamaica.

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Given the impact on "partners and allies", Mnuchin also said that both "US citizens and non-US citizens are now authorized to engage in specified transactions related to winding down or maintaining business" with Rusal and its subsidiaries until October 23.

Treasury said that Deripaska had "been investigated for money laundering, and has been accused of threatening the lives of business rivals, illegally wiretapping a government official, and taking part in extortion and racketeering", when announcing the sanctions. "It looks as if there was a lot of pressure from the USA aluminum downstream industry", he told the news agency Bloomberg.

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On Monday, the Treasury Department said it will consider easing the sanctions on Rusal if Deripaska divests. According to Morgan Stanley, it supplied almost 10% of US aluminum imports past year, according to Morgan Stanley, as reported by Reuters. It remains up more than 16 percent this month.

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