July 31, 2018 / 11:25 AM / a year ago

Russia's Rusal shares drop 6.8 percent on Hong Kong exchange

Aluminium ingots which were made at the Rusal Krasnoyarsk aluminium smelter are seen in this illustration taken May 25, 2018. REUTERS/Ilya Naymushin/Illustration

MOSCOW (Reuters) - Shares in United Company Rusal, the world’s second biggest aluminum producer, fell 6.8 percent on the Hong Kong exchange, in response to continued uncertainty over the company’s future following the introduction of U.S. sanctions.

“There’s big volatility there,” said Kirill Chuyko, analyst at BCS Investment Bank.

“The shares have risen pretty well recently. I would say that many of the people who earned quite a bit on the news that the U.S. Treasury may lift sanctions ... I think many of these people decided to sell,” he said.

The U.S. Treasury is open to removing Russian aluminum producer Rusal from a U.S. sanctions list, Treasury Secretary Steven Mnuchin said earlier this month.

Writing by Polina Ivanova and Andrey Kuzmin; Editing by Jane Merriman

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