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Russia's VTB Bank Stops Lending to Sanctions-Hit Deripaska

Russia's VTB Bank Stops Lending to Sanctions-Hit Deripaska

Rusal is now taking steps to loosen its ties to EN+.

CEO Alexandra Bouriko's resignation was effective as of May 23. The mass exodus is part of a bid to alleviate sanctions imposed on the company by the US Treasury.

The warning came as the company's CEO and a number of board members resigned, and follows news last week that santions-targetted Oleg Deripaska had stepped down from the board of En+ and would not seek re-election to the board of Rusal.

They are Vladislav Soloviev, Siegfried Wolf, Maxim Sokov, Dmitry Afanasyev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina.

The United States last month slapped sanctions on Deripaska and the companies he owns along with other Russian tycoons that have close ties to the Kremlin in response to Moscow's alleged meddling in the 2016 US presidential election and what Washington called other "malign activities" by Russia.

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"The business of newly sanctioned institutions accounts for less than 2% of our assets, so it will, of course, affect us to some extent, but we still need to see what happens to them, as talks on lifting sanctions for Rusal and some other companies".

A Russian aluminum giant just lost its CEO and most of its board as it tries to wriggle out of U.S. sanctions.

Washington has previously offered a similar extension to sanctioned aluminium producer Rusal, in which Deripaska holds a 48 per cent stake.

"As at the date of this announcement, the company has not received any formal resignation from Mr Deripaska", it added. The sanctions policy gives United States clients and business partners until October 23 to wind down business with these firms.

The head of VTB said that the Bank is waiting for further decisions from the U.S. Treasury related to Deripaska's structures.


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