Rusal shares up in Hong Kong and Moscow

Rusal shares up in Hong Kong and Moscow

Shares of Russia’s aluminum producer Rusal on the Hong Kong Stock Exchange grew 14.3% as of 04:30 Moscow time today amid reports of negotiations between the company and the US authorities on the possible removal of sanctions, according to trading data.

The maximum price was 2.43 Hong Kong dollars ($0.31) per share. As of 05:12 Moscow time the price fell to 2.30 Hong Kong dollars ($0.29), TASS reported.

At the same time, the price grew 17.2% on the Moscow Stock Exchange (28 rubles per share).

On April 6, the US authorities announced sanctions against a number of Russian officials, businesspeople and companies. Among them were Oleg Deripaska and associated companies Rusal, Basic Element holdings, En+ and Russian Machines, Eurosibenergo, GAZ Group, B-Finance investment company and the Kuban agricultural holding.

Being added to the sanctions list means frozen assets in the US and ban on American citizens preventing them from doing any business with these companies. Initially, the US Department of Treasury gave the deadline of May 7 for American investors to get rid of shares and debt instruments of all sanctioned companies, and June 5 - for severing contracts with them. Later on, US investors were allowed to conduct transactions with Rusal until October 23, 2018.