The Treasury said in a statement that it would give companies more time to comply with the sanctions Washington announced April 6 against Russian officials in response to the attempted murder by poisoning of former spy Sergei Skripal, which Britain and the United States have pinned on the Kremlin. Meanwhile, palladium spot prices were 3.9% lower to $989.7 per ounce.
RUSAL is based in the Bailiwick of Jersey and is one of the world's largest aluminum producers. Concerns that the palladium producer might be targeted by USA sanctions had previously sent prices soaring when sanctions were first imposed.
Moscow has said it is considering various ways to help RUSAL after the US Treasury blacklisted the company and its billionaire major shareholder Deripaska. "Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider RUSAL's petition".
As a result of these sanctions, Rusal is not permitted to sell material into the USA and its assets under U.S. jurisdiction are frozen.
Aluminum prices on the LME plunged more than 8% following the Treasury Department announcement, which gives Rusal longer to sell off large quantities of aluminum it had been stockpiling in the wake of sanctions.
Last week, top commodity dealers in Japan asked RUSAL to stop shipments of aluminum as they could not make payments to the Russian company in USA dollars at the risk of becoming a secondary sanction target by the United States.
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He also expressed frustration that Pompeo had not previously mentioned his visit to North Korea in conversations with him. All eyes had been on a handful of moderate Democrats who Republicans are trying to win over, including Manchin and Sens.
Rusal now has more time to sell off its supply.
The announcement sent aluminum prices falling by 7.2 percent on the London Metals exchange, while other metals including gold, nickel and palladium also fell sharply.
The drop in aluminum prices on Monday also prompted a selloff in other commodity markets as optimism seems to be spreading that the United States isn't likely to impose further sanctions on Russia's metals and energy companies.
Mueller indicted Manafort and his business associate, Rick Gates, in October 2017 on charges including conspiracy against the U.S, tax fraud and money laundering.
Deripaska has faced scrutiny from USA officials for several years before the beginning of the Mueller probe.
Rusal was even forced to declare a risk of technical default, and Deripaska himself has lost upwards of $1.3 billion.