Russian aluminium giant Rusal share price almost halves after United States sanctions

Russian aluminium giant Rusal share price almost halves after United States sanctions

Deripaska, a billionaire who once had close ties to President Donald Trump's former campaign chairman Paul Manafort, is one of seven oligarchs who were sanctioned as part of an effort to punish the Kremlin. The latest sanctions affected companies such as Sberbank, whose shares fell 17% in Moscow. "This is an outrageous business from the point of view of illegality, from the point of view of flouting all the norms, and of course careful analysis is needed here", said spokesman Dmitry Peskov.

It was noted that Oleg Deripaska, a Russian oligarch, lost the most.

Russia's Moex stock market fell 7.6%, hitting funds exposed to the country. Other magnates hit by sanctions include the director of state-owned energy giant Gazprom, Alexei Miller.

The company on Friday said that it regretted its inclusion on the new US sanctions list, adding that its advisors were studying the situation.

"The company's initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group", the company said.

Mr Deripaska may also be forced to sell his stake in Norilsk Nickel, losing a drawn-out battle with Vladimir Potanin for control of the metals giant, they added. The Russian ruble dropped 3% against the United States dollar and the euro. Polymetal, a Russian miner listed in London, was the biggest FTSE 250 faller, down 18%. He said the new USA sanctions were unacceptable and illegitimate, and that the government would come up with plans to support the companies affected.

The U.S. Treasury Department said investors have until May 7 "to divest or transfer debt, equity, or other holdings" in EN+, Rusal and Russian vehicle maker GAZ GAZA.MM .

As Russia's currency and capital markets dipped on delayed response to Friday's United States sanctions against a handful of Kremlin-friendly billionaires, one vital metal used across the globe in aircraft manufacturing and the auto industries is soaring today.

It said Deripaska was sanctioned "for having acted or purported to act for or on behalf of, directly or indirectly, a senior official of the Government of the Russian Federation".

On Friday Russia's foreign ministry said there would be a "tough response" to the sanctions.

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