US Rusal will replace the board of directors and top management in order to achieve the lifting of sanctions that the US imposed against the company on April 6. This is reported by Reuters, citing two sources.
According to them, in the near future Rusal will appoint a fully independent board and expect that the directors will replace the management team in the company. One of the interlocutors of the agency added that the company is in contact with the authorities in the United States.
The company will have to withdraw from the world aluminum market and focus on the domestic market if, after the change of board of directors, US sanctions are not lifted, a source familiar with the situation told the agency.
The company refused to officially comment on the situation.
The owner of 48.13% of Rusal Oleg Deripaska hopes to maintain its share under any arrangement with the US, sources Reuters added. This is not a controlling stake, and under American law, sanctions apply to a company in which a person from the sanctions list owns 50% or more, one of them recalled. He added that Rusal suspended aluminum supplies to customers around the world in anticipation of clarification by the US Treasury.
On April 6, the US imposed sanctions against Deripaska and the companies associated with it. On April 23, the head of the US Treasury, Stephen Mnuchin, said that sanctions against Rusal could be lifted if Deripaska leaves its capital.
On April 26, Bloomberg reported, citing sources, that Deripaska expects to retain control over the company, expecting that European governments will achieve a relaxation of US sanctions. In the past few days, he has reshuffled the top management of the company taking into account the sanctions and plans to directly participate in the fate of Rusal, the interlocutors of the agency said.
Later on April 26, the Rusal press service stated that the Reuters and Bloomberg publications based on “anonymous sources of questionable quality” had nothing to do with reality and were detrimental to the company’s business reputation. About what publications there is a speech, the press service did not specify.