Russian oligarch quits board of his sanctioned aluminum giant


The U.S. Treasury Department said it may lift sanctions on Russian vehicle maker GAZ Group and related companies if it severs ties with billionaire Oleg Deripaska.

The sanctions prevent USA citizens from doing business with all companies controlled by Mr Deripaska.

Separately, Rusal reportedly resumed shipping aluminum to some customers last week following the extension of the deadline for companies to wind down contracts under usa sanctions.

"Rusal has been making progress in demonstrating it will meet conditions for relief from the U.S. sanctions - without which it can't operate normally", said Helen Lau, a Hong Kong-based metals and mining analyst at Argonaut Securities.

THE CONTROLLING owner of the parent company of Aughinish Alumina, Oleg Deripaska, has officially resigned from his role as non-executive director at Rusal. The company competes with firms including a joint venture between Ford Motor Co and its Russian partner Sollers.

In April, analysts said it was likely that Rusal would have to be bailed out by the Russian government.

Earlier this month En+, the holding company through which Deripaska had control of 48 percent of Rusal, said he had resigned and that he was not seeking reappointment to the board of the aluminium giant.

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Putin advisor Andrei Belousov told RIA Novosti state news agency such a proposal does exist but declined to comment on the state's position about intervening to help the firm.

Because of the sanctions of the action associated with the Deripaska companies RUSAL and En+ fell sharply.

On May 18, Oleg Deripaska left the board of directors of En+.

In order to take up the U.S. deal and avoid sanctions, Deripaska's shareholding in EN+ would need to be reduced to below 50 percent, and a majority new board of independent directors would also need to be appointed.

Deripaska also sought state support for automaker GAZ, which is part of his business empire and has also been affected by the sanctions, the government source said.

A Treasury spokesman did not reply to a request for further clarification of Tuesday's guidance. "Opportunities to provide financing to the Group on commercially reasonable terms will be very limited", the statement said.