Commodity prices fall on softened Treasury message on Russia's Rusal

Германия ждет от США особого подхода

The Treasury also said it will not impose secondary sanctions on companies outside the United States that do business with Rusal and its subsidiaries.

The Treasury Department said in its updated frequently asked questions section that OFAC could consider further sanctions relief for Rusal under certain circumstances, particularly if Oleg Deripaska gives up control of the country.

Indian automobile industry will be impacted in terms of profitability in the near term due to rise in aluminium prices following United States sanctions against Russian producer Rusal, according to rating agency Icra.

In addition to General License 14, today OFAC also published several FAQs regarding to the general license's authorizations and limitations, and issued an amended General License 12A. They had both jumped over the past two weeks because of concern that Vladimir Potanin, the billionaire who controls Russia's biggest miner MMC Norilsk Nickel PJSC, could be targeted.

Prices for alumina and aluminum have surged since the USA enacted sanctions that Congress ordered for Russia's interference in the 2016 election.

The yield on the 10-year US Treasury rose closer to 3.0 per cent.

The sanctions barred Americans from doing business with Rusal and put pressure on world aluminum supply.

The US Treasury this afternoon announced that investors - who previously were given until 5 June - now have until October 23 "to engage in specified transactions related to winding down or maintaining businesses" with Rusal and its subsidiaries.

European leaders have worked to persuade U.S. President Donald Trump to ease sanctions on Russia, including measures against Russian aluminum producers, with the presidents of France and Russia poised to visit the White House this week.

Mnuchin said in his announcement that he factored the "impact on our partners and allies" into his reprieve.

Wood Mackenzie analysts say the decision provides "much-needed breathing space" for the aluminum market, and it "expect (s) near-term correction and volatility" in prices.

Gallagher said such trade wars can occasionally be beneficial to his companies, through higher palladium prices, for instance.

Rusal declined to comment on the Treasury Department announcement. Deripaska's spokeswoman was not immediately available.

Deripaska is a veteran of Putin's inner circle and a figure in special counsel Robert MuellerRobert Swan MuellerSasse: US should applaud choice of Mueller to lead Russian Federation probe MORE's investigation of Russia's efforts to influence the 2016 presidential election.


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