Shares of Rusal drop over US sanctions

(MENAFN) Shares of Russian United Company Rusal Plc have dropped up to 41.8 percent on Monday as investors bailed on the stock after it was included in a new list of US sanctions targeting Russian companies and their owners.

The aluminum giant's shares dropped to USD0.34 in late morning trade, its lowest since October 2016, compared with 1.76 percent increase in the benchmark Hang Seng index.

Sales director at UOB Kay Hian said: "Investors were rushing to square their position or doing what they need to do with their exposure to the stock and to those shares which are sanction and trade war sensitive."

Washington imposed sanctions on Friday on seven Russian oligarchs, including Rusal's former President Oleg Deripaska, 12 companies they own or control, as well as 17 senior Russian government officials, as the Russian individuals and companies were targeted for profiting from a Russian state engaged in "malign activities" around the world.

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