Rusal says Deripaska has not formally resigned

The company which produces pure aluminium ingots said that US sanctions could prevent it from repaying its debts

GAZ's removal depends on "divestment and relinquishment of control of GAZ Group by" any sanctioned individuals, "including Oleg Deripaska", Treasury said.

Since then, the USA has eased sanctions, giving Rusal customers until October to wind down their contracts with the Russian company.

Since then, Deripaska has moved to reduce his role in the companies that he manages, including resigned from the board of Rusal, Russia's largest aluminum producer, to alleviate sanctions pressure. This is stated in the company's message posted on the Hong Kong Stock Exchange.

Rusal said Alexandra Bouriko, who took over as CEO in March, had resigned with effect from May 23 and would be replaced by Evgeny Nikitin as acting CEO.

Two executive directors of the company, Vladislav Soloviev and Siegfried Wolf, as well as non-executive directors Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina, also announced their resignations yesterday.

The US imposed sweeping sanctions last month on some of Russia's biggest companies and businessmen, including En+ Group. Deripaska and his UC Rusal and En+ were subject to sanctions on April 6.

Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government in Moscow, Russia, Dec. 12, 2017. The company's statement explained that the board of directors had adopted the Barker's plan (named after the predecessor of the board Gregory Barker), implying the removal of sanctions from the company by reducing the share of Deripaska below 50%.

On April 23, the US Treasury said it would consider lifting sanctions on Rusal if Deripaska ceded control, while extending the deadline for companies to exit dealings with Rusal by nearly five months, to October 23 this year.

Related news: