Aughinish owner Rusal hopes shake-up will beat sanctions

The Aughinish Alumina Refinery on the Shannon Estuary

Reuters reported that the London Metal Exchange said that it would analyse the implications of United States sanctions in relation to Rusal's metal after the Treasury Department gave customers of the aluminium producer more time to comply.

Oleg Deripaska is instead relying on European governments, including Ireland's, to lobby on the company's behalf to exempt Rusal from the sanctions list.

On Thursday, Bloomberg reported citing anonymous sources that RUSAL's owner Oleg Deripaska had no intentions to sell his stake in the company despite USA sanctions.

Russia's Rusal will be forced to quit the global aluminium market and focus on domestic consumers if the U.S. does not lift sanctions once an independent board is in place, a source familiar with the matter said.

Russia's Rusal will overhaul its board and management in the hope the United States will remove the aluminum firm from a sanctions list so it can restart shipments to its customers around the world, two sources told Reuters.

"Rusal is in touch with USA authorities and hopes the measures will be enough for them to be removed from the sanctions list", one source told Reuters.

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To escape sanctions EN+ needs Mr Deripaska to give up his controlling interest in the company.

It said in a release that "The LME is now undertaking further analysis in relation to the application of in relation to Rusal brand metal, and may issue a further communication in due course".

EN+ said that without an extension of the authorization period, "the ability of the company to maintain its GDR listing on the London Stock Exchange will be materially impacted".

EN+ has lodged a desperate appeal with the US Office of Foreign Assets Control (Ofac) to allow it more time to comply with its demands to end Mr Derispaka's control of the company or face being frozen out of global markets altogether.

Stories by Bloomberg and Reuters news agencies regarding Russian aluminum producer RUSAL, do not correspond with reality and are based on "dubious" sources, the company said on Friday.

However, if this option does not work out, Rusal will be forced to focus exclusively on the domestic market and sell part of its production to a state stockpile, the source said.

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