Ukraine adds Russian tycoons and news agency RIA to sanctions list

Ukraine adds Russian tycoons and news agency RIA to sanctions list

Ukraine adds Russian tycoons and news agency RIA to sanctions list

Deripaska resigned earlier this month as a director of En+ and has pledged not to seek re-election as a director of Rusal at the forthcoming annual general meeting to be held around June 28.

CEO Alexandra Bouriko's resignation was effective as of May 23.

En+ also announced its directors had endorsed its chairman's plan to have sanctions lifted.

Russian metals tycoon Oleg Deripaska stepped down as a director of his aluminium firm Rusal (0486.HK) as part of a choreographed series of steps which he hopes will persuade the USA government to rescind sanctions that have crippled his businesses.

The sanctions, announced April 6, target seven high-profile Russian businessmen, 12 companies they own or control, and 17 senior Russian officials.

"The moves are rather formal, but they show that Deripaska is ready to give the U.S. an excuse to at least ease the sanctions", said Kirill Chuyko, an analyst at BCS Global Markets in Moscow. The mass exodus is part of a bid to alleviate sanctions imposed on the company by the US Treasury.

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They targeted a number of Russian oligarchs, who the United States said had profited from Russia's regime, and their companies - but the sanctions appeared to target, in particular, energy tycoon Deripaska.

Treasury issued an update to its Russian sanctions program on Tuesday directed at GAZ, which Deripaska controls.

Rusal owner Oleg Deripaska has famously been linked in the past to president of Russia, Vladimir Putin.

Most of the board members who have stepped down were nominated for their positions by EN+, the holding company through which Deripaska controls Rusal. "The company may not be able to maintain its operating performance at a certain level required to service and repay its indebtedness and that may result in current creditors accelerating repayment".

"Opportunities to provide financing to the group on commercially reasonable terms will be very limited", it said.

Since then, Deripaska has moved to reduce his role in the companies that he manages, including resigned from the board of Rusal, Russia's largest aluminum producer, to alleviate sanctions pressure.

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