Moody's withdraws Rusal rating after U.S. sanctions
Moody's withdraws Rusal rating after U.S. sanctions
Rusal shares plunge sharply on U.S. sanctions
11 April, 2018, 17:04
In a filing to the Hong Kong stock exchange today, Rusal said Maksim Goldman and Daniel Lesin Wolfe had resigned due to the inclusion of Rusal on the United States sanctions list.
Glencore has previously signed a non-binding term sheet with EN+ regarding swapping its shares in Rusal for Global Depositary Receipts in EN+.
The Russian stock market also fell heavily. The management of "RUSAL" have warned about the risk of a technical default.
The US sanctions could lead to other unexpected downstream effects. The sanctions were initially imposed to punish Russian Federation for actions in Crimea, Ukraine, and Syria, and for its alleged attempts to subvert Western democracies.
At the same time, the list of companies includes several structures related to Oleg Deripaska - agroholding Kuban, Eurosibenergo, Rusal, Russian Machines and GAZGroup, investment company B-Finance, holdings Basic Element and En+. Polymetal, a Russian miner listed in London, was the biggest FTSE 250 faller, down 18%.
Glencore said that it has noted the designation of United Company Rusal Plc ("Rusal") and EN+ Group Plc ("EN+") as Specially Designated Nationals ("SDNs") by the United States Government.
EN+ said its annual report might be delayed and that its independent director, Dominique Fraisse, had quit on Friday after less than four months in the job. "More and more companies are responding to the sanctions".
'The Russian government operates for the disproportionate benefit of oligarchs and government elites, ' said Treasury secretary Steven Mnuchin. He said the new USA sanctions were unacceptable and illegitimate, and that the government would come up with plans to support the companies affected. It said further evaluations were being carried out to assess the impact of the sanctions.
"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", Putin's spokesman Dmitry Peskov told journalists.
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The company had revenue of $10.25 billion for the quarter, compared to analysts' expectations of $10.14 billion. A number of other research firms also recently issued reports on DAL . (NYSE: DAL ) on Friday, January 12.
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