Rusal, En+ shares drop on Moscow Exchange amid reports of US sanctions

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© Stanislav Krasilnikov/TASS

MOSCOW, January 9. /TASS/. The price of Rusal shares and En+ Group Global Depositary Receipts (GDRs) dropped by 3.4-5.8% as trading opened on the Moscow Exchange on Wednesday, according to the trading data.

The decline followed the reports that leaders of seven House committees in the US Congress called on the US President Donald Trump’s administration to postpone the lifting of sanctions against those companies. Moreover, the Democrats’ leader in the Senate Chuck Schumer submitted a resolution to the Congress that may block the decision of the US Treasury Department to remove restrictions against Rusal and En+.

Particularly, as of 10:15 a.m. Moscow time, En+ GDRs lost 5.76% to 402.4 rubles per share, while the price of Rusal shares went down by 3.4% to 28.83 rubles.

The US Treasury Department slapped sanctions against a number of Russian officials, businessmen and companies on April 6. Among them were several enterprises belonging to Oleg Deripaska. The restrictions imply that the US assets of those companies were frozen. They also ban American citizens from doing any business with those companies.

On December 20, it became known that the US Treasury was ready to remove sanctions against En+, Rusal, and EuroSibEnergo within 30 days as Deriska had agreed to reduce control in En+ from around 70% to 44.95%.

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