December 31, 2018 / 12:34 PM / 5 months ago

LME confirms it will end suspension on Rusal metal if sanctions lifted

LONDON (Reuters) - The London Metal Exchange (LME) confirmed on Monday it would lift its suspension on aluminum produced by Russia’s Rusal (0486.HK) if U.S. sanctions are lifted, saying a consultation with users had not raised any objections to the plan.

The LME proposed removing its block on Rusal metal on Dec. 19, after the U.S. Treasury’s Office of Foreign Assets Control (OFAC) struck a deal with Rusal and two other firms tied to Oleg Deripaska to sever the Russian oligarch’s control over them.

Rusal is the largest producer of aluminum outside China.

The LME said sanctions on the company were expected to be removed on or around Jan 18.

Reporting by Peter Hobson; Editing by Jan Harvey

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