After Weeks of Mayhem, US Throws Aluminum Industry a Lifeline

German MPs want Moscow back in G8 say peace in Europe possible ‘only with Russia

Traders sold metals' futures with a vengeance after the USA softened its stance on sanctions against United Co. U.S. citizens are also forbidden from dealing with sanctioned parties, and non-US persons knowingly facilitating transactions between Rusal and United States entities could also face punishment.

Deripaska owns a 48 percent stake in Rusal "and controls the company via his shareholder agreement with other owners", said Oleg Petropavlovsky, a senior analyst at BCS Global Markets. "Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider RUSAL's petition". But on Monday, prices for the metal on the London Metal Exchange, rapidly reversed course to trade down more than 6 percent after soaring 3 percent in morning trading - a 10 percent swing within just one day. The Russians were seeking "clarification" on U.S. sanctions, Mnuchin said to reporters Saturday, without elaborating.

Washington's clarification follows two weeks of chaos in global metal markets.

Rusal declined to comment on requests from worldwide media, while Deripaska's spokeswoman wasn't immediately available. A German lobbying group said European plants may be forced to close and carmakers could face supply shortages.

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At Russia's request, Mnuchin met with Siluanov during International Monetary Fund meetings in Washington last week. For example, Rusal's Aughinish alumina plant in Ireland buys bauxite that Rio mines in Guinea and sells to smelters across Europe.

Earlier this month, the United States announced a remarkably aggressive set of sanctions against the Russian oligarch Oleg Deripaska and his aluminum company Rusal: The United States would freeze all assets that the metal giant had been keeping in American institutions, prohibit American firms from doing business with the Russian corporation, and slap sanctions on any foreign individual or firm that engaged in commerce with the company. "It shows that Rusal is trying get off the list". "It looks as if there was a lot of pressure from the U.S. aluminum downstream industry", he told the news agency Bloomberg.

Even so, Treasury said it would not revoke the sanctions on Rusal until Deripaska was no longer its owner "absent other adverse information". Hasbro said it took a loss over the last three months, and its stock lost 0.9 percent to $82.14.

Deripaska offered previous year to cooperate with congressional investigators looking into Russia's efforts to interfere in the 2016 election on the condition of full immunity from prosecution.

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