Rusal appoints CEO, third-quarter profit up as sanctions postponed (Reuters U.S. – November 5, 2018)

HONG KONG/MOSCOW (Reuters) – Russian aluminum giant Rusal (0486.HK) has appointed a chief executive, it said on Monday, after reporting a 42 percent jump in third-quarter recurring net profit on the previous quarter as sanctions imposed by Washington were postponed.

The U.S. Treasury Department in April blacklisted billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including aluminum exporter Rusal, citing “malign activities” by Russia.

The sanctions, the toughest since Moscow’s 2014 annexation of Crimea, have been postponed several times as the United States considers excluding Rusal from the U.S. blacklist if Deripaska drops his control over the company. The deadline was last extended to Dec. 12.

Rusal named Evgenii Nikitin, who has been acting chief executive since May, as CEO. Nikitin had previously headed Rusal’s aluminum division.

Rusal and its parent En+ Group (ENPLq.L) have recruited directors and management not linked to Deripaska in recent months as part of talks with Washington over easing U.S. sanctions. En+ also appointed a new CEO on Friday.

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