August 6, 2018 / 12:52 AM / 3 months ago

Rusal posts Q2 profit despite U.S. sanctions

HONG KONG, Aug 6 (Reuters) - Russian aluminium giant Rusal posted a second-quarter profit of $440 million on Monday, remaining well in the black despite sanctions imposed on the company earlier this year by Washington.

Recurring net profit at Hong-Kong-listed Rusal was up 75 percent from a year ago, but down 17 percent from the first quarter of 2018. The earnings figures were the first to be released since sanctions were imposed in early April.

The U.S. Treasury imposed sanctions against billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including aluminum exporter Rusal, in response to what it termed “malign activities” by Russia.

The sanctions, the toughest since Moscow’s 2014 annexation of Crimea, roiled aluminum markets and were later watered down. The Treasury Department has since warmed to the idea of removing Rusal from the list altogether.

In July, Washington extended a delay for investors to devest holdings in Rusal and some other companies from Aug. 5 to Oct. 23, saying it was in talks with Deripaska on how he could cede his control of the company and try to remove it from the sanctions list. (Reporting By Polina Devitt in MOSCOW and Donny Kwok in HONG KONG, editing by Richard Pullin)

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