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London Metal Exchange says restrictions on Rusal aluminum trading remain in effect

From April 17, the owners of the aluminum produced by Rusal, who wish to sell it through LME, must provide evidence that this does not violate the sanctions

© Dmitriy Rogulin/TASS

LONDON, April 25 /TASS/. The London Metal Exchange (LME) said its restrictions on trading of aluminum by Rusal will remain in effect after US Treasury extended the deadline for completion of transactions with the Russian company and the subsidiaries it controls until October 23. That is according to the communique of LME.

LME suspended trading operations with aluminum of Rusal on April 17 due to the US sanctions imposed on the company.

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Kremlin casts doubt on potential US sanctions relief for Rusal

"The LME is currently undertaking further analysis in relation to the application of GL14 (which extends the deadline for completion of transactions with Rusal until October 23 - TASS) in relation to Rusal brand metal, and may issue a further communication in due course," LME said in the communique.

From April 17, the owners of the aluminum produced by Rusal, who wish to sell it through LME, must provide evidence that this does not violate the sanctions. Otherwise the exchange will not accept metal for storage at its warehouses. LME took this decision due to the risk of facing the US sanctions itself.

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 Agro-Holding Kuban, EuroSibEnergo, Russian Machines, GAZ Group, B-Finance, Basic Element, En+.

Read also

US Treasury extends deadline for ending deals with Rusal until October 23

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.

The Russian aluminum producer Rusal has already approached the US Treasury with an application for delisting from the sanctions list. The US authorities plan to consider the application before end of October. The US Treasury Department said earlier that sanctions relief can be provided for Rusal if its co-owner Oleg Deripaska makes divestment and relinquishes control over the Company. Now Deripaska controls 48.13% of Rusal.

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