Russian aluminium giant Rusal share price almost halves after U.S. sanctions
10 April, 2018, 18:59 | Author: Darnell Patrick
Companies owned by Russian billionaire Oleg Deripaska warned that U.S. sanctions against his Russian aluminium and energy empire would have a "materially adverse impact" on future business prospects and could result in technical credit defaults.
Aluminium prices jumped as much as 4 per cent to US$2,124 a tonne on the London Metal Exchange, extending a 1.6 per cent gain in the previous session.
"This does warrant a little bit of panic buying by traders - the risk is large enough and real enough to buy on the back of insecurity of supply", said Daniel Hynes, senior commodities strategist at Australia & New Zealand Banking Group.
"Market concerns have that the sanction against Rusal and its own technical default assessment may lead to supply shortage in both aluminium and alumina", said Hong Kong broker Argonaut in a report.
The share price of the company "RUSAL" on Monday morning fell more than 40% on the Hong Kong stock exchange and by 46.9% in the Moscow exchange.
The entrance to a Moscow business centre that houses the offices of the aluminium giant Rusal, one of the companies controlled by the Russian billionaire Oleg Deripaska. "The company will continue to ensure it abides by all applicable laws and regulations". Of these, Rusal may be the most important one as it accounts for about 17% of supply outside of China, according to Harbor Intelligence, whose managing director, Jorge Vazquez said sanctions could going to create chaos in the short term.
Deripaska, whose wealth Forbes magazine estimates at $6.7bn, meets Putin regularly and has said his own interests can not be separated from those of the Russian state.
Mr Deripaska called the reasons for the sanctions "groundless, ridiculous and absurd".
The Foreign Ministry is working on a response, spokeswoman Maria Zakharova said on a state television channel, according to state news agency Tass. By making it virtually impossible for Deripaska's businesses to trade in United States dollars, the measures threaten the empire of one of Putin's closest allies.
The move also raises questions for Glencore and its billionaire chief Ivan Glasenberg. The price of aluminium jumped as traders anxious Rusal would be excluded from supplying the market. "If end-users make products that sell to the U.S., they might not want to buy Russian aluminium".
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