Asia Ali market mulls impact of US' sanctions on Rusal; responses mixed

Aluminium giant Rusal share price halved after US sanctions

Aluminium giant Rusal share price halved after US sanctions

Russia's broader market also sank, with the main blue-chip index trading 9.6 per cent lower, as major companies such as Sberbank and Norilsk Nickel fell sharply despite not being affected by the sanctions, which also hit six other oligarchs and 17 government officials.

The sanctions are created to stop Mr Deripaska and associated companies from doing business in U.S. dollars and cut him off from any dealings with United States citizens.

The caricature shows that the decline in the shares of the company UC Rusal.

The fall wiped more than 3.5 billion euros ($4.3 billion) off the market capitalisation of the company which is headed by billionaire Oleg Deripaska and accounts for some seven percent of the world's aluminium production.

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"We expect the risk of secondary sanctions will impact well beyond just USA imports, and Rusal material will indeed be shunned by many non-US consumers and their financing banks", said Oliver Nugent, a commodities strategist at ING.

The US said it imposed the latest sanctions because of Russian activity in Ukraine, its support of President Bashar al-Assad in Syria's civil war and for subverting Western democracies. The company, also listed in Moscow, is the biggest aluminum maker outside China, and the measures could hurt access to financial markets and disrupt shipments to world buyers. Privately held companies owned or controlled by Deripaska were also sanctioned. The state-controlled bank is seen as a barometer for the wider Russian economy.

The company said the sanctions were likely to have a "materially adverse" impact on its business and finances.

In a sea of red for Russian stocks Evraz, the FTSE 100 mining group part-owned by Roman Abramovich, fell 14 per cent and Polymetal, the FTSE 250 miner, closed down 18 per cent. "This is an outrageous business from the point of view of illegality, from the point of view of flouting all the norms, and of course careful analysis is needed here", said spokesman Dmitry Peskov. He said the new U.S. sanctions were unacceptable and illegitimate, and that the government would come up with plans to support the companies affected.

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