Rusal warns sanctions 'materially adverse' to company; CEO, seven directors to resign

The company which produces pure aluminium ingots said that US sanctions could prevent it from repaying its debts

Russian businessman Oleg Deripaska left the UC Rusal board of directors to protect the company's interests against the backdrop of United States sanctions.

A separate announcement was also released on Thursday announcing the resignation of the company's chief executive officer and seven directors.

Rusal, which produces 7% of the world's aluminum, has been under intense pressure following the sanctions, which targeted a number of oligarchs and government officials including its founder, Oleg Deripaska.

The US Treasury Department said it would extend the deadline for US customers to comply with sanctions against Deripaska's vehicle company Gaz, giving Americans a deadline of October 23 instead of June 5 to limit their operations and contracts with the company.

This story has not been edited by Firstpost staff and is generated by auto-feed.

The US Treasury's Office of Foreign Assets Control announced fresh sanctions against Russian Federation last month following the diplomatic crisis sparked by the poisoning of former spy Sergei Skripal.

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The United States last month slapped sanctions on Deripaska and the companies he owns along with other Russian tycoons that have close ties to the Kremlin in response to Moscow's alleged meddling in the 2016 US presidential election and what Washington called other "malign activities" by Russia.

Deripaska agreed late last month to reduce his 70 per cent holding in EN+ to below 50 per cent, and resign from its board.

Deripaska resigned earlier this month as a director of En+ and has pledged not to seek re-election as a director of Rusal at the forthcoming annual general meeting to be held around June 28.

Deripaska and his UC Rusal and En+ were subject to sanctions on April 6. "Opportunities to provide financing to the Group on commercially reasonable terms will be very limited", the statement said.

Rusal resumed shipping aluminium to some customers last week following an extension of the deadline for companies to wind down contracts under the USA sanctions, sources told Reuters.

Rusal also warned that under those circumstances it might not be able to maintain its operating performance at the level required to service and repay its debts and that could result in current creditors accelerating repayment.

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