Minister: Russian government to support RUSAL facilities

MOSCOW, Apr 11 (PRIME) -- The Russian government does not plan to acquire a stake in sanction-hit aluminum giant UC RUSAL, but will support facilities of the company so that they don’t stop working, Finance Minister Anton Siluanov told reporters on Wednesday.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including tycoon Oleg Deripaska and companies that he control, including RUSAL.

“RUSAL definitely has some restrictions. Firstly, we should ensure stable operation of RUSAL’s facilities that were hit by the sanctions,” he said, adding that the government does not consider the purchase of a stake in the company as a support measure.

He also said that the government does not plan to start purchasing aluminum or other metals into state reserves in order to support RUSAL.

The Russian authorities may also provide short-term liquidity for the sanction-hit companies as a support measure. “When financial flows of the sanctioned banks are shut, access to financial resources becomes limited. At the time, the state may provide temporary liquidity through the banks if it is necessary,” he said.

But the volume of the support is unclear. “I am only speaking about it hypothetically,” he said.

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