Russian aluminium giant's scrip collapses on US curbs
Moscow: Shares in Russian aluminium giant Rusal collapsed on Monday after Washington targeted it with sanctions, putting the metals major at risk of defaulting on part of its debt.
On the Hong Kong stock market, one of the exchanges where Rusal's stock is listed, it closed 50 per cent down at HK dollar 2.34. The fall wiped more than $4.3 billion off the market capitalisation of the company which is headed by billionaire Oleg Deripaska and accounts for some seven per cent of the worlds aluminium production.
In Moscow, the other exchange where its shares trade, they were down 23 per cent in midsession business. The meltdown came after US President Donald Trump on Friday announced sanctions against Russian oligarchs close to Vladimir Putin following the diplomatic crisis sparked by the poisoning of former spy Sergei Skripal.
Washington has accused Deripaska of operating for the Russian government. Other magnates hit by sanctions include the director of state-owned energy giant Gazprom, Alexei Miller. Moscow on Monday said it would support Russian companies affected by the sanctions.