Russia's VTB Bank says no longer lending to Deripaska

Lynette PayneMay 25, 2018

Earlier this month En+, the holding company through which Deripaska had control of 48 percent of Rusal, said he had resigned and that he was not seeking reappointment to the board of the aluminium giant.

He has been the Moscow and Hong Kong-listed firm's head of aluminium division since January 2014, rising through the ranks within the company since he joined in 1993.

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 USA sanctions. Deripaska confirmed that he does not have any disagreements with the board of directors and there are no other reasons for his resignation, which should be reported to shareholders.

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. In addition, since June 28, members of the En+ board of directors, which is controlled by Deripaska, have left their posts.

The directors stepping down are Vladislav Soloviev, Siegfried Wolf, Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina.

Rusal's troubles began on April 6 when the United States gave buyers a deadline of 30 days to exit dealings with the company, before transactions in dollars were prohibited. Deripaska and his UC Rusal and En+ were subject to sanctions on April 6.

President of En+ Group, Oleg Deripaska attends an agreement signing ceremony with the Krasnoyarsk region's government, in Moscow, Russia December 12, 2017.

Deripaska among a group of Russian tycoons, companies and other people with ties to Russian President Vladimir Putin who were hit with USA sanctions April 6 in retribution for the Kremlin's alleged meddling in the 2016 presidential election.

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