Stocks of Russian aluminum giant Rusal fell on Monday as investors continue to monitor the ongoing tension along the border with Ukraine which could trigger sanctions against Russian entities. Rusal is one of the world’s largest manufacturers of low-carbon aluminum and accounted for roughly six percent of global aluminum supplies in 2019, estimated to be around 70 million tonnes. It is the world’s largest producer of aluminum outside of China. But its stocks fell as much as 22 percent in Hong Kong on Monday, their lowest since September, according to Bloomberg. They are currently trading up at 1.24 percent as of 10.17 a.m (GMT). Sanctions were placed on Russian businessman Oleg Deripaska and his core empire in 2018 in response to what the U.S. Treasury then called Russia’s “malign activity around the globe.” Deripaska served on the board of his holding company En+ Group plc, a 48 percent owner of Rusal, but later resigned. At the time, Treasury Secretary Steven T. …
Stocks of Russian Aluminum Giant Rusal Fall Amid Fears of Over Sanctions
February 22, 2022
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