July 5, 2020, 2:50

London Metal Exchange Lifts Ban on Deals With Rusal After US Removes Sanctions

London Metal Exchange Lifts Ban on Deals With Rusal After US Removes Sanctions

LONDON (Sputnik) – The London Metal Exchange (LME) lifted restrictions on warranting Rusal-branded metal after the United States removed sanctions on the Russian aluminium giant, the LME said in a statement Monday.

“Following [US Office of Foreign Assets Control] OFAC’s lifting of the Sanctions against Rusal, the LME has removed all previous restrictions around warranting of Rusal brand metal. It is also possible for members to enter into contracts with Rusal. These changes come into effect immediately,” an LME spokesperson said.

READ MORE: Russia’s Rusal Shares Up by 7.7% at Hong Kong Exchange as US Lifts Sanctions

The US Department of the Treasury said Sunday that Russia’s Rusal, EN+ Group and EuroSibEnergo were no longer under restrictive measures, but the sanctions against businessman Oleg Deripaska, who owns shares in these companies would remain in force.

The shares of Russian aluminum giants Rusal and En+ Group went up by 10 percent at the opening of the Moscow Stock Exchange on the news of sanctions removal. At the opening of the Hong Kong Stock Exchange, Rusal shares were up 7.7 percent.

The United States introduced sanctions against Deripaska and dozens of other Russian individuals and entities in April 2018 over their alleged links to the Russian government, which Washington accused of “malign activity.” Russian Prime Minister Dmitry Medvedev said the United States was using a political tool to achieve economic goals.

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