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Rusal confirms projections of adverse impact of sanctions on company’s business

May 21, 13:14 UTC+3 HONG KONG

On May 18, En+ Group presented a plan on US sanctions relief

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© Alexandr Sherbak/TASS

HONG KONG, May 21. /TASS/. Russia’s top aluminum producer Rusal has confirmed its projections of the OFAC sanctions potentially having adverse impact on the group.

"Whilst further evaluation is being carried out by the company to assess the impact of the OFAC sanctions on the group, the company reiterates that its current assessment is that it is still highly likely that the impact may be materially adverse to the business and prospects of the group," the company said in a statement on Monday.

"The company will make further announcement(s) where applicable or required. Shareholders and potential investors are advised to exercise extreme caution when dealing in the securities of the company," Rusal said.

On May 18, En+ Group presented a plan on US sanctions relief, which contains reduction of the stake of its main shareholder Oleg Deripaska to less than 50% and suspension of its influence on the board of directors. En+ also formally accepted his resignation from the board with immediate effect. The board also confirmed the undertaking of Deripaska not to put forward his candidacy for reelection at the upcoming shareholder meeting.

"As at the date of this announcement, the company has not received any formal resignation from Mr. Deripaska," the company stated.

On April 6, the US Treasury slapped sanctions against Oleg Deripaska, as well as Gazprom CEO Alexei Miller, VTB head Andrei Kostin, owner of Renova Viktor Vekselberg, Surgutneftegaz CEO Vladimir Bogdanov, Sibur board member Kirill Shamalov, businessmen Igor Rotenberg, and Suleiman Kerimov. Among the companies slapped with the latest sanctions are several enterprises belonging to Oleg Deripaska, including Agroholding Kuban, Eurosibenergo, Rusal, Russian Machines Holding and GAZ Group, B-Finance investment company, Basic Element, and En+. Later the US authorities said that sanctions relief could be provided for Rusal if its co-owner Oleg Deripaska made divestment and relinquished control over the company, in which he currently owns a 48.13% stake.

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