Russian firms and rouble hit heavily by Trump sanctions
Russian firms and rouble hit heavily by Trump sanctions
Aluminium giant Rusal share price halved after US sanctions
11 April, 2018, 17:04
The metal jumped in price on Monday after lawyers and traders said that many non-US customers would also be wary of buying from the company because of the wide reach of the sanctions.
Rusal's shares in Hong Kong have slumped by half since the sanctions were imposed on Friday and gave up another 1.9 percent on Wednesday.
Rio Tinto Plc, is reviewing its dealings with Rusal to ensure compliance with United States sanctions, a top executive had said on Tuesday, but added it was too soon to discuss the future of its Australian venture with Rusal.
The US authorities announced the imposition of sanctions against a number of Russian officials, businessmen and companies on April 6.
The RTS index, which trades in dollars, fell 9.75 percent, and the MOEX index, which trades in roubles, fell 6.9 percent.
"At the time of withdrawal the ratings were: corporate family rating of Ba3 and probability of default rating of Ba3-PD At the time of withdrawal these ratings had a positive outlook", it said in a statement.
Moody's said it was withdrawing all ratings for Rusal due to its own business reasons.
Rusal produces nearly 6 per cent of the world's aluminium. On the New York Mercantile Exchange, palladium futures for June delivery climbed 4.2 percent to $932.50 an ounce, the biggest rally for a most-active contract in seven months.
The measures against Rusal and its boss, metals magnate Oleg Deripaska, mark the first time a major global company has been targeted by Washington in its moves to punish Russian Federation for alleged meddling in the 2016 USA election.
Rusal is the biggest producer of aluminum outside of China.
'The Russian government operates for the disproportionate benefit of oligarchs and government elites, ' said Treasury secretary Steven Mnuchin.
The Russian stock market also fell heavily. Glencore owns a almost 9% stake in the firm.
"It is very hard to justify continuing to chair the board of a company that's been sanctioned by the worldwide community", he said.
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