April 10, 2018 / 11:13 PM / 14 days ago

Rusal non-executive directors exit board after U.S. sanctions

(Reuters) - Russian aluminum producer United Company Rusal Plc (0486.HK) on Wednesday said two of its non-executive directors resigned after the company’s inclusion on a new list of U.S. sanctions targeting Russian companies and their owners.

FILE PHOTO: Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Siberia, July 27, 2016. REUTERS/Ilya Naymushin

Maksim Goldman and Daniel Lesin Wolfe stepped down from their positions due to the sanctions imposed by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, the company said.

This follows the resignation of Glencore (GLEN.L) Chief Executive Ivan Glasenberg from his role as a Rusal director.

    Rusal’s share price has halved since the announcement of the sanctions.

    Washington imposed sanctions on Friday on seven Russian oligarchs, including Rusal’s owner Oleg Deripaska, and 17 senior Russian government officials, striking at allies of President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity.”

    The sanctions explicitly bar U.S. entities from doing business with Rusal, but the impact also extends to companies outside the United States.

    Reporting by Chandini Monnappa in Bengaluru; Editing by Cynthia Osterman; Editing by Stephen Coates

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