Shares in Oleg Deripaska's Rusal and En+ plunge on USA sanctions

Shares in Oleg Deripaska's Rusal and En+ plunge on USA sanctions

Shares in Oleg Deripaska's Rusal and En+ plunge on USA sanctions

Shares of United Company Rusal Plc fell 40 percent in Hong Kong on Monday after it was included in the new list.

EN+, another company owned by Deripaska, plunged 25 percent on the London bourse, the BBC reported.

Russia's stock market tumbled yesterday in the wake of the sanctions.

Julius Baer analyst Carsten Menke said "This is a further hit to Russian aluminium exports to the US They come after the tariffs (US President Donald) Trump introduced in March". The latest sanctions affected companies such as Sberbank, whose shares fell 17% in Moscow. "The situation is pretty egregious from the point of view of legality, it tramples on all kinds of norms, and so a thorough analysis is necessary", he said.

Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017. The Russian individuals and companies were targeted for profiting from a Russian state engaged in "malign activities" around the world. Other magnates hit by sanctions include Alexei Miller, director of state-owned energy giant Gazprom.

"The company's initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group", the company said. The state-controlled bank is seen as a barometer for the wider Russian economy.

Wall Street posts third day of gains as trade fears ease
Amazon rose 2.9 percent after being repeatedly hammered this week by Trump's attacks on the online retailer . Technology companies, banks and industrial stocks were falling the most in midday trading Friday.

Syrian regime claims last rebel group leaving Ghouta
SANA said the military also found two underground field hospitals, equipped with medical equipment and medicine. More than 40,000 rebels and their family members chose to relocate, according to the Russian military.

Tesla built 2000 Model 3's in one week, but missed its target
Our initial customer satisfaction score for Model 3 quality is above 93%, which is the highest score in Tesla's history. This is the third quarter in a row that the company had missed its promised production target.

Mr Deripaska may also be forced to sell his stake in Norilsk Nickel, losing a drawn-out battle with Vladimir Potanin for control of the metals giant, they added. "If end-users make products that sell to the USA, they might not want to buy Russian aluminium". Polymetal, a Russian miner listed in London, was the biggest FTSE 250 faller, down 18%.

Evraz, the steel company controlled by the Chelsea football club owner Roman Abramovich, was the biggest faller in the FTSE 100, dropping nearly 15%.

EN+, which only listed in London in November having raised $1 billion from City investors despite fears over the potential of further sanctions being imposed on Russian Federation, said it would focus on maintaining its operations and ensuring it "abides by all applicable laws and regulations".

The U.S. Treasury Department said investors have until May 7 "to divest or transfer debt, equity, or other holdings" in EN+, Rusal and Russian vehicle maker GAZ GAZA.MM .

Rusal and seven other companies linked to Deripaska were the main targets when the U.S. imposed sanctions created to punish Vladimir Putin's inner circle for "malign activity", including support for Bashar al-Assad's government in Syria and interfering with the USA election in 2016.

It has also expelled dozens of Russian diplomats in response to the poisoning of a former Russian spy in the UK.

Related news