New Trump sanctions cost Russian oligarch

by Ben Pena April 10, 2018, 19:01
New Trump sanctions cost Russian oligarch

The caricature shows that the decline in the shares of the company UC Rusal.

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".

Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017.

The Russian stock market also fell heavily.

Rusal and seven other Deripaska-linked businesses were the most prominent targets in a list of 12 Russian companies that the United States hit with sanctions last Friday meant to punish the country for actions in Crimea, Ukraine and Syria, and for attempting to subvert Western democracies.

Under the sanctions, Americans are generally prohibited from doing business with the companies, and people of other nationalities could face sanctions themselves if they facilitate transactions for the firms.

The US said it imposed the latest sanctions because of Russian activity in Ukraine, its support of President Bashar al-Assad in Syria's civil war and for subverting Western democracies.

Rusal is the second-largest aluminum maker in the world, while the U.S. is the largest importer of aluminium.

StormTracker 13 Saturday morning forecast
In any case, a front will slide through Wednesday afternoon or evening, bringing a moderate chance of some rain showers. Our in-house forecast model does indicate a slight chance of a mountaintop flurry, otherwise, we are dry overnight.

"We have a whole list of possible measures that are being studied".

The sanctions could also threaten a tentative revival in Russia's economy, which had only just started to recover from those imposed in response to its annexation of Crimea in 2014.

The Kremlin slammed the sanctions.

En+, Oleg Deripaska's energy business which listed in London in November, plunged 42 per cent, compounding losses suffered on Friday.

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

Shares with Russian exposure listed elsewhere were also hit. As Bloomberg points out, the move also raises questions for Glencore and its billionaire chief Ivan Glasenberg, the commodity giant who is one of Rusal's top shareholders, owning an 8.75 percent stake and also the biggest buyer of its metal, having bought $2.4 billion of metal from it previous year.

The company said the sanctions were likely to have a "materially adverse" impact on its business and finances.

Recommended News


TOP News

Judge rips Manafort's lawsuit to rein in Mueller
Manafort is one of a number of people already charged in Mr Mueller's probe, which has hung over Mr Trump's presidency. Manafort has pleaded not guilty and none of the charges directly relate to work he performed for Trump's campaign.

Trump's Amazon attacks assailed
The Price to Book ratio for Amazon.com, Inc. ( NASDAQ : AMZN ) has "Buy" rating given on Friday, February 2 by Aegis Capital. Mueller III, but it won't keep him away from one of his favorite pastimes - grossly distorting reality on Twitter .

Syria war: Jets strike rebel-held Eastern Ghouta as evacuation stalls
State media denied the reports saying "such farces about chemical weapons" were triggered by the troops' quick push toward Douma. The air and ground offensive on Eastern Ghouta has killed more than 1,600 civilians and caused an global outcry.

Canadian police: Fatalities after bus crash involving junior hockey league team
Before the game, a moment of silence was observed, with players from both teams standing in a circle around centre ice. Three survivors of a deadly Canadian bus crash have been photographed holding hands in their hospital beds.

BJP celebrates 38th Foundation day with 3 lakh Karyakartas
There is a sense of stimulation among the party workers in regard to the direct interaction with the Prime Minister. We are privileged to receive the blessings of people of all age groups, across all sections of society.

General elections kick off in Hungary
His anti-immigration measures and tough rhetoric have seen him clash with the European Union in the past. Turnout in the 2014 vote was 61.7%. "The Hungarian political landscape will dramatically change today".

Ridgewood Investments LLC Invests $227000 in Microsoft Co. (MSFT)
Investors may be following some historical price data on shares of Credit Acceptance Corporation (NASDAQ:CACC). When times are good and stocks are on the rise, it can be easy to forget that market corrections are normal.

Arsenal eyes Europa League semis after 4-1 win
But, unlike Ramsey, Lacazette was withdrawn with 16 minutes to go, denying him the chance to complete a hat-trick. There have been some spectacular goals in Europe this week.

Philippine island a 'cesspool,' will close for 6 months
Ejercito also urged the government to provide alternative livelihood for workers who will be displaced by the Boracay closure.

Kashmir outraged over beheading of Hajin Youth
Mufti. "Any shutdown call or call for "peaceful protests" for Manzoor Ahmed who's decapitated body was found. According to the police, the body of 25-year old Manzoor Ahmad Bhat was found in an orchard in Hajin area.