US Treasury Secretary indicates their willingness to lift Rusal's name from the sanctions list

US Treasury Secretary Steven Mnuchin said in an interview with Reuters in São Paulo that they are open to lift aluminium producer Rusal’s name from the U.S. sanctions list. The comment came ahead of G20 finance meetings this weekend in Argentina.

Mnuchin's comment was the latest indication the Trump administration is in favour of helping the sanctions-hit Rusal. The company has been constantly negotiating and taking series of corrective steps to get the restrictions lifted.

The sanctions by the U.S. Treasury against billionaire Oleg Deripaska in April and the eight companies in which he is a large shareholder temporarily disrupted the supply chain of the global aluminium market, as it barred companies to buy metal from Rusal. Several countries and companies have appealed the Us treasury to soften their stance on Rusal.

"The company has approached us on certain de-listing issues (from the Specially Designated Nationals List)," Mnuchin said without divulging on the details of the proposal and development. He however said that they are working on finding an acceptable solution.

"Our objective is not to put Rusal out of business," he added, acknowledging Rusal’s significance as second aluminium supplier to the global aluminium market.

Rusal shareholders have already elected a new board of directors, dominated by independent directors and operational managers to evade the situation. Deripaska and a team of his top managers stepped down from Rusal's board of directors and are giving up their stakes on the company so that the sanctions are lifted.