CEO and directors quit sanction-hit Russian aluminum giant

Russia's Rusal says Deripaska resigns as director

US sanctions force bosses at Aughinish owner to quit

The Russian aluminium giant also signalled that turmoil could return to metals markets if the sanctions aren't removed by October, saying that banks will likely cut ties with the company, which would "severely impact" metal production and sales.

They were aimed at punishing Russian Federation for a range of "worldwide malign activity, including continuing to occupy Crimea and instigate violence in eastern Ukraine, supplying the Assad regime with material and weaponry as they bomb their own civilians, attempting to subvert Western democracies, and malicious cyber activities", the US Treasury said.

Along with Deripaska, the US Treasury sanctioned six other oligarchs and the companies they control, 17 senior Russian Government officials, a Russian arms company and a Russian bank.

The company said it is trying to take all available steps for the sanctions to be lifted by the U.S. and in order to protect its shareholders, creditors and business partners interests.

The US Treasury Department on Tuesday said it would extend the deadline for US customers to comply with sanctions against Deripaska's GAZ, a auto maker, giving Americans until October 23 instead of June 5 to wind down operations and contracts with the company.

The US sanctions and the global fallout from the diplomatic tensions between Russian Federation and the west, have pulled Askeaton's Aughinish Alumina plant into uncertainty.

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Deripaska also sought state support for automaker GAZ, which is part of his business empire and has also been affected by the sanctions, the source said.

Rusal said Alexandra Bouriko, who took over as CEO in March, had resigned with effect from May 23 and would be replaced by Evgeny Nikitin as acting CEO.

In April, the USA imposed sanctions on Mr Deripaska and seven other oligarchs. In addition, since June 28, members of the En+ board of directors, which is controlled by Deripaska, have left their posts.

In a separate statement to the Hong Kong stock exchange, Rusal said it was of the opinion that worldwide financial institutions were likely to stop dealing with the group unless the U.S. sanctions were lifted or the company was granted a new licence by the U.S. Office of Foreign Assets Control (OFAC).

Deripaska agreed late last month to reduce his 70 per cent holding in EN+ to below 50 per cent, and resign from its board.

Putin advisor Andrei Belousov told RIA Novosti state news agency such a proposal does exist but declined to comment on the state's position about intervening to help the firm. "Opportunities to provide financing to the Group on commercially reasonable terms will be very limited", the statement said.

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