Rusal board chairman Mattias Warnig resigns as part of US sanctions exemption deal

Following the board restructuring agreement for receiving release from US sanctions, Russian aluminium giant Rusal’s board chairman Mattias Warnig resigned from his post, as per the report from Reuters. The news came after Rusal officially announced on Wednesday, December 26.

The US Treasury said last week it would remove sanctions against Rusal, its parent En+ and power firm EuroSibEnergo if they restructured to reduce the controlling stakes of businessman Oleg Deripaska, who is on Washington’s sanctions list.

Mr. Warning stepping down from the post after six years at the world’s largest aluminium producer outside China is one of the conditions of the deal.

Warning said in a statement, “I am confident that I can hand over to my successor a successfully developed company. My mission is completed.” “The planned removal from the sanctions list had put the company on the verge of “new strategic development,” he added.

Rusal on Wednesday also said that it expected to choose Warnig’s successor on Thursday, December 27.

After the completion of restructuring, En+ will be left with a 56.88 per cent stake in Rusal and the right to nominate the producer’s chief executive.