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26 Apr, 2018 21:56

Russian aluminum magnate Deripaska won’t give up on RUSAL despite US ultimatum – report

Russian aluminum magnate Deripaska won’t give up on RUSAL despite US ultimatum – report

Sanctioned Russian billionaire Oleg Deripaska won’t sell his stake in Russia’s largest aluminum producer RUSAL, Bloomberg reports. The US Treasury hinted it would scrap sanctions if he quits the firm.

Deripaska is relying on the European lobby to put pressure on Washington in order to ease the sanctions, Bloomberg writes, quoting unnamed sources. Last week, a German lobby for metal companies warned that sanctions against Russia's top aluminum producer are likely to hit European car production, since RUSAL owns an aluminum refinery in Ireland, which is crucial for the auto industry on the continent.

The Treasury said on Monday that “RUSAL has felt the impact of US sanctions because of its entanglement with Oleg Deripaska,” adding that the “US government is not targeting the hardworking people who depend on RUSAL and its subsidiaries.”

“It will really result in huge damage to Europe if this is not resolved,” said Rob van Gils, chief executive officer of Hammerer Aluminum Industries GmbH, as quoted by Bloomberg.

"It will probably result in more damage to Europe than it will to Mr Putin," he said this week at an aluminum conference in London.

The US actions this week have strengthened Deripaska's confidence that he can retain control over the company, Bloomberg writes, noting that RUSAL has been trying to bypass the sanctions and find new ways for delivery and alternative customers.

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