Aluminium falls as US softens on Rusal sanctions
The US Treasury discusses a path for lifting the sanctions on Rusal for the first time
New York — The US softened its position on sanctions against Russian metals giant United Rusal, sparking a record plunge in aluminium prices. For the first time, the US Treasury discussed a path for lifting the sanctions on Rusal, saying it would provide relief if Oleg Deripaska relinquished control. It also extended the deadline for companies to wind down dealings with the Russian aluminium producer by almost five months. Rusal petitioned to be removed from the sanctions list and Treasury granted the extension while it considers the appeal, according to a statement from Treasury Secretary Steven Mnuchin. "Rusal has felt the impact of US sanctions because of its entanglement with Oleg Deripaska, but the US government is not targeting the hardworking people who depend on Rusal and its subsidiaries," Mnuchin said. Aluminium plunged in response as traders speculated that supply disruptions could ease. Prices fell as much as 9.4%, the most ever. US metal producers also dropped, with Alc...
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