Russia may buy aluminium for state stocks to support Rusal -minister

By Kitco News / August 28, 2018 / www.kitco.com / Article Link

NOVOSIBIRSK, Russia, Aug 28 (Reuters) - Russia has a plan tosupport world No.2 aluminium producer Rusal againstU.S. sanctions put in place in April, including by purchasingthe metal for state stocks, Industry Minister Denis Manturovtold reporters on Tuesday.


The U.S. Treasury Department placed Russian businessman OlegDeripaska and Rusal, which he controls, on a blacklist thatmonth, freezing the bulk of the company's exports, paralysingits supply chain and scaring off many customers.


The sanctions caused major disruptions to global aluminiummarkets, although Rusal's international customers were givenuntil Oct. 23 to wind down business with the company.


En+ Group , Deripaska's holding company, is alsounder sanctions.


Industry sources told Reuters in June that Rusal will take amajor hit if sanctions are not lifted by late August. In July,U.S. Treasury Secretary Steven Mnuchin said the United Stateswas in productive talks with Rusal to remove it from the list.Manturov, speaking to reporters in the town of Novosibirskin Siberia, said on Tuesday that Moscow had a back-up plan ifsanctions against Rusal persist.


"There might be (aluminium purchases for the state stocks)but for now, there is no such need," he said, providing no otherdetails.


Deripaska controls 66 percent of En+ Group, which in turncontrols 48 percent of Rusal. He has already accepted that hemay have to cede control of En+, if both En+ and Rusal are tosurvive, a source familiar with the matter said in May. (Reporting by Vladimir Soldatkin; Writing by Katya Golubkova;Editing by Tom Hogue)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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