Deripaska left UC Rusal board of directors

Deripaska left UC Rusal board of directors

Deripaska left UC Rusal board of directors

The outgoing CEO, Alexandra Bouriko, only took up the role in March.

The company said it is trying to take all available steps for the sanctions to be lifted by the U.S. and in order to protect its shareholders, creditors and business partners interests. When the saga began, there were fears for up to 1,000 jobs in West Limerick, both through direct and indirect employment.

Russian oligarch Oleg Deripaska is distancing himself from his massive aluminum company that's reeling from crippling USA sanctions.

The US Treasury Department said it would extend the deadline for US customers to comply with sanctions against Deripaska's vehicle company Gaz, giving Americans a deadline of October 23 instead of June 5 to limit their operations and contracts with the company. He is also a person of interest in the USA investigation into Russian collusion in the Trump presidential campaign.

Deripaska subsequently announced he would cut management ties with Rusal and his holding company En+, and reduce his stakes to under 50 percent.

Russia's largest aluminium producer, United Company Rusal Plc, said on Thursday its chief executive and seven board members have quit, and warned it may have problems servicing its debt due to the impact of US sanctions.

It was not clear what effect the blacklisting would have as many Russian companies have already sought to wind up their Ukraine-linked activities due to earlier sanctions.

"The company reiterates that its current assessment is that it is still highly likely that the impact may be materially adverse to the business and prospects of the group", Rusal said in a filing to the Hong Kong bourse. This month the US Treasury extended the deadline for third parties to sever their links with Rusal from June to October, granting the company some breathing space.

"Opportunities to provide financing to the group on commercially reasonable terms will be very limited", it said.

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