Shares in Rusal, other Deripaska-controlled firms crash after United States sanctions


Rusal, a Russian-based aluminum maker, has been included in a list of companies sanctioned by the US.

They follow a diplomatic crisis sparked by the poisoning of former spy Sergei Skripal in Salisbury.

Shares in EN+ had already fallen 22 per cent on Friday after Washington imposed sanctions against Mr Deripaska and his businesses in a targeted move against the oligarch for "advancing Russia's malign activities".

The Russian stock market also fell heavily.

Billions of pounds were wiped off the value of Russian companies yesterday as the business empire of one of its most prominent oligarchs teetered on the brink in the face of United States sanctions.

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The sanctions freeze any assets that those targeted have in USA jurisdictions and bar Americans from doing business with them.

Rusal and seven other companies linked to Deripaska were the main targets when the U.S. imposed sanctions created to punish Vladimir Putin's inner circle for "malign activity", including support for Bashar al-Assad's government in Syria and interfering with the USA election in 2016.

Rusal is the biggest producer of aluminum outside of China. By making it virtually impossible for Deripaska's businesses to trade in USA dollars, the measures threaten the empire of one of Putin's closest allies.

The Kremlin on Monday slammed the latest round of sanctions.

EN+, another company owned by Deripaska, plunged 25 percent on the London bourse, the BBC reported.

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"Rusal will probably have to be bailed out by Russian state banks", wrote analysts at TS Lombard.

Evraz, the steel company controlled by the Chelsea football club owner Roman Abramovich, was the biggest faller in the FTSE 100, dropping nearly 15%.

The commodity giant is one of Rusal's top shareholders and the biggest buyer of its metal, while Mr Glasenberg sits on the board.

Moscow said it was looking to support Russian companies hit by the sanctions.

The company said the sanctions were likely to have a "materially adverse" impact on its business and finances. It said further evaluations were being carried out to assess the impact of the sanctions.

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"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", Putin's spokesman Dmitry Peskov told journalists.