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Rusal’s shares soar 15% amid news on possible removal of sanctions against company

April 23, 16:23 UTC+3 MOSCOW

According to the US Treasury, sanctions relief can be provided if Rusal's co-owner Oleg Deripaska makes divestment and relinquishes control over the company

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MOSCOW, April 23. /TASS/. Shares of Russian aluminum producer Rusal have soared by 15% to 26.39 rubles per share in the course of the trading on the Moscow Stock Exchange on Monday amid the US Treasury announcement that it may remove the sanctions against the company, according to the trading data.

According to the US Treasury, sanctions relief can be provided for Rusal if its co-owner Oleg Deripaska makes divestment and relinquishes control over the Company.

US sanctions

On April 6, the US authorities announced the imposition of sanctions against a number of Russian officials, businessmen and companies. The Russian businessmen who were put on the new US restrictions list include Gazprom CEO Alexei Miller, VTB head Andrei Kostin, owner of Renova Viktor Vekselberg, Surgutneftegaz CEO Vladimir Bogdanov, Sibur board member Kirill Shamalov, and businessmen Igor Rotenberg, Oleg Deripaska and Suleiman Kerimov.

Among the companies slapped with the latest sanctions are several enterprises belonging to Oleg Deripaska. Among them are Agroholding Kuban, Evrosibenergo, RusAl, Russian Machines Holding and GAZ Group, B-Finance investment company, Basic Element holdings and En +.

The sanctions imply that the assets of these companies are frozen. Before May 7, US investors should get rid of the securities of three of the 12 Russian companies from the list, and by June 5 - to cancel contracts with all enterprises subject to restrictions and their subsidiaries.

However, the deadline for completion of transactions with Rusal and the companies it controls (owns 50% shares or more) was extended until October 23.

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