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LME reviews decision to suspend aluminum trade of Rusal after US Treasury decision

April 24, 4:43 UTC+3 LONDON

The US Treasury Department said earlier that sanctions relief can be provided for the Rusal if its co-owner Oleg Deripaska makes divestment

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LONDON, April 24. /TASS/. The London Metal Exchange (LME) is reviewing its decision to impose temporary restrictions on the aluminum trade of Rusal in the light of the US Treasury extending the deadline for completion of transactions with Rusal and the companies controlled by it until October 23, LME press service told TASS.

"We note the recent updates OFAC FAQs regarding the US sanctions. We are currently reviewing our position and will update the market in due course," Miriam Heywood, Head of Media Relations at London Metal Exchange said.

The US Treasury Department said earlier that sanctions relief can be provided for the Russian aluminum giant Rusal if its co-owner Oleg Deripaska makes divestment and relinquishes control over the Company. "The path for the United States to provide sanctions relief is through divestment and relinquishment of control of RUSAL by Oleg Deripaska," the authority said.

The Office of Foreign Assets Control (OFAC) of the US Treasury extended the deadline for ending transactions with the Russian aluminum producer Rusal until October 23, 2018, the OFAC said.

The Russian aluminum producer Rusal approached the US Treasury with an application for delisting from the sanctions list. "Rusal has felt the impact of U.S. sanctions because of its entanglement with Oleg Deripaska, but the US government is not targeting the hardworking people who depend on Rusal and its subsidiaries," said Treasury Secretary Steven Mnuchin. "Rusal has approached us to petition for delisting. Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider Rusal’s petition," he said.

The US introduced sanctions against Rusal and its co-owner Oleg Deripaska on April 6.

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