Maksim Goldman and Daniel Lesin Wolfe have quitted the board of directors of Russian aluminum company Rusal, included in the U.S. sanctions list, the company said in an announcement released via the Hong Kong stock exchange on Wednesday.
London aluminium prices traded higher for a sixth straight session on Wednesday, as the fallout from U.S. sanctions on Russian producer United Company Rusal continues to roil metals markets.
The huge site on the Shannon estuary is the biggest of its kind in Europe and is responsible for approximately 30pc of alumina produced in the EU.
Shares of United Company Rusal Plc fell 40 percent in Hong Kong on Monday after it was included in the new list. Shares in Rusal and EN+ had already fallen sharply on Friday in response to the sanctions, which were announced towards the end of trading in London.
The US Treasury said the sanctions were linked to Russia's actions in Crimea, Syria and Ukraine and its interference in western democracies.
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Glencore is one of Rusal's biggest investors and buyers of its aluminium, and its chief executive, Ivan Glasenberg, sits on the Rusal board. EN+ owns a controlling stake in Rusal and the energy company that powers its aluminium smelters. The Swiss commodities giant said Tuesday it was committed to complying with sanctions and mitigating risks to its business from them.
"Glencore will not proceed with the transaction at this time in light of the designation of Rusal and En+ as SDNs", it said.
The London Metal Exchange aluminium spot price went from $1,967 per tonne on Friday morning to close at $2,155/t yesterday.
Separately, Rusal warned that the sanctions impact "may result in technical defaults in relation to certain credit obligations of the group, and the company is now evaluating the impact (if any) of such technical defaults on the financial position of the group".
The sanctions freeze any assets that those targeted have in United States jurisdictions and bar Americans from doing business with them.