April 30, 2018 / 10:43 AM / Updated 31 minutes ago

Rusal shareholder says new strategy needed in response to U.S. sanctions

Reuters Staff

1 Min Read

MOSCOW (Reuters) - SUAL Partners, a co-owner of Russian aluminium producer Rusal, said on Monday that Rusal’s board and shareholders needed to start discussing a new strategy after the company was hit by U.S. sanctions earlier this month.

FILE PHOTO: Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo

In a statement to Reuters, SUAL representative Andrei Shtorkh said that SUAL shareholders would take all necessary steps to facilitate the swift lifting of the sanctions on Rusal, but that serious transformations to reflect the new reality were needed.

Reporting by Polina Devitt; Writing by Polina Ivanova; Editing by Christian Lowe