Jamaica to lobby USA on Russian sanctions

The U.S. Treasury building Washington D.C

So far, the USA has sanctioned 14 individuals as well as many companies who are believed to be closely allied with Russian President Vladimir Putin.

Rusal was struggling with its cash flow, as United States dollar transactions and assets have been frozen due to primary sanctions.

Deripaska has denounced Treasury's charges as "ridiculous" and Russian Federation has described the US sanctions a thinly veiled attack on its economy.

"The U.S. government is not targeting the hardworking people who depend on Rusal and its subsidiaries", said Treasury Secretary Steven Mnuchin. That's good to know for both strategic and tactical purposes.

However, the US' largest producer of aluminium - Alcoa - dropped as prices fell on the suggestion supply would not be affected longer-term.

Aluminum stocks are plunging after the United States said it would consider relaxing sanctions against a Russian company.

En+ owns hydropower plants in Russian Federation and nearly half of Rusal, the Hong Kong-listed aluminium producer that uses much of the electricity En+ generates.

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The sanctions threatened the business of Rusal, which accounts for some seven percent of the world's aluminum production.

The stockpiles of aluminum will now be easier to sell because the Treasury said it will give US customers of Rusal until October 23 instead of June 5 to wind down their business wih Rusal.

The administration's official position is that the sanctions will still go into effect eventually, if Oleg Deripaska does not divest and relinquish control of the firm.

The brokerage further said a sharp price rally in aluminium prices post Rusal sanctions reflects stretched aluminum markets outside China due to a widening deficit after years of under-investment even as global demand is growing at 5 per cent annually. Since April 20, metal has declined in price by 13% already.

Representatives for Rusal and Deripaska did not immediately respond to requests for comment.

"It's very hard for mining companies to react to the tweetstorm", said Gallagher, referring to short-lived moves in spot prices based on fears about U.S. trade policies, amid U.S. President Donald Trump's pronouncements on social media.

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