Russia's En+ says U.S. sanctions highly likely to hurt business

Will Rusal default on some liabilities due to new sanctions?

Will Rusal default on some liabilities due to new sanctions?

Conversely the aluminium price has enjoyed a gain of more than 6.5% over Friday and Monday, its biggest two-day advance since December 2011 on supply concerns, Bloomberg reported.

Shares of Rusal plunged as much as 41.8% today, its lowest since October 2016.

Shares of United Company Rusal Plc fell 31 percent on Monday after the Russian aluminum giant was included in a new US sanctions list.

Rio Tinto Plc, is reviewing its dealings with Rusal to ensure compliance with USA sanctions, a top executive had said on Tuesday, but added it was too soon to discuss the future of its Australian venture with Rusal.

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As of Friday, April 6, Rusal has a weight of 0.12 percent and 0.15 percent in the CEMBI Broad Diversified and CEMBI Diversified indexes respectively, JPM said in a statement seen by Reuters that was sent to clients late on Monday.

Moody's had held a "positive" outlook on Rusal's non-investment grade Ba3 rating. "I'm going to celebrate Orthodox Easter on Sunday and then analyze the situation with our lawyers at the beginning of next week and give some comments", the businessman said.

Rusal's aluminum brands are being excluded from the LME, the world's biggest market for industrial metals, and the U.S. Comex exchange owned by the CME. Some companies outside the United States are wary that Washington could slap so-called "secondary sanctions" on them if they are deemed to be facilitating Rusal's business.

Aluminum prices extended their rally on Wednesday to a sixth straight session, hitting an 11-week peak, amid persistent worry about shortages.

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The Russian stock market also fell heavily.

The Kremlin spokesman, Dmitry Peskov, said Moscow was watching events on the markets closely but that an assessment of the impact of the sanctions would take time.

As a major Rusal shareholder, Glencore added it was carefully considering how to protect its business and said it was pulling back from earlier plans to swap its 8.75 percent of Rusal for Global Depository Receipts in En+.

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