MOSCOW (Reuters) - Russia's Rusal will overhaul its board and management in the hope the United States will remove the aluminium firm from a sanctions list so it can restart shipments to its customers around the world, two sources told Reuters.
The sources, familiar with the developments but who asked not to be named because they are not allowed to speak publicly on the issue, said Rusal would soon appoint a fully independent board, which in turn would appoint a new management team.
"Rusal is in touch with U.S. authorities and hopes the measure will be enough for them to be removed from the sanctions list," one of the two sources said.
The source added Rusal also hoped its top shareholder Oleg Deripaska, who was put alongside Rusal on a U.S. Specially Designated Nationals blacklist, could keep his stake in the firm at 48 percent under the arrangement.
"Forty eight percent is not a controlling stake of 50 percent, which under the U.S. rules triggers the sanctions," the source said.
The source added Rusal, the world's second largest aluminium producer, was still not shipping to customers around the world awaiting guidance from U.S. authorities.
(Reporting by Polina Devitt and Dmitry Zhdannikov; editing by Jason Neely)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
