Oleg Deripaska steps down as Director of Russian aluminium producer Rusal

Russian tycoon Oleg Deripaska has stepped down as director of Rusal to protect the interests of the company and its shareholders. The announcement came a day after the company said its chief executive and seven board members had resigned in an effort to seek relief from U.S. sanctions.

"In furtherance of the efforts that have been made by the management of the Group to protect the interests of the Company and its shareholders since the OFAC Sanctions were imposed, Mr. Oleg Deripaska, non-executive director of the Company, has tendered his resignation as a director of the Company with effect from 25 May 2018”, the company’s statement said.

The US Treasury last month said that it would consider lifting the sanctions if Rusal’s major shareholder Oleg Deripaska ceded control of the company.

On April 6, the US imposed sanctions on Oleg Deripaska, as well as on other businessman, officials and 12 Russian companies, including Basic Element, En + Group and Kuban Agro. According to U.S. administration, Mr Deripaska and eight of his companies were placed under sanctions as they were “benefit[ing] from the Putin regime and play[ing] a key role in advancing Russia’s malign activities.”