En+ Group calls reports about sanctions against RUSAL untrue

MOSCOW, Oct 14 (PRIME) – Media reports about possible sanctions against Russian aluminum giant UC RUSAL are pure speculations because it complies with all the demands of the U.S. Office of Foreign Assets Control (OFAC), the company’s core owner En+ Group said in a statement on Friday quoting Board of Directors Chairman Christopher Burnham.

On Wednesday, Bloomberg reported quoting sources that the U.S. administration was considering an embargo on Russian aluminum in one of the three possible ways: a direct ban on imports, an increase of import duties to a prohibitive level, or introduction of sanctions against RUSAL.

“The article is simply wrong. We remain in full compliance with OFAC’s requirements, including the Terms of Removal agreed in 2018 and we are committed to fulfilling our contracts in the U.S. and worldwide,” Burnham said as quoted by En+ Group.

When the U.S. sanctioned RUSAL in 2018, the prices for aluminum on the London Metal Exchange jumped by 29% and U.S. companies had to find alternative sources swiftly. These market speculations are irresponsible and benefit only RUSAL’s competitors that previously publicly advocated for restricting the company’s market access, he said.

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