The US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctions against producer UC Rusal was potentially deadly for a company so heavily reliant on international trade, Lord Greg Barker, executive chairman of EN+ Group said.
Speaking at the LME Week seminar on Monday October 28, Barker said working to find a way for the sanctions to be lifted was 'do or die' for the company."At the time, the sanctions appeared to come out of a clear blue sky... It wasn't the business that was sanctioned, it was our largest shareholder, Oleg Deripaska," Barker said."[But] because of the cascade affect and how sanctions work, this was potentially terminal for a business such as ours," Barker said.The sanctions were imposed against Russian oligarch Oleg Deripaska by freezing his assets, which included Rusal, subject to US jurisdiction. EN+ Group owns a 50.10% stake in...