Published: Mon, April 23, 2018
Finance | By Loren Pratt

G7 FMs to discuss Russian Federation, sanctions not on agenda

G7 FMs to discuss Russian Federation, sanctions not on agenda

France, Germany, Italy and Ireland are part of the coordinated European effort to alleviate the impact the new US sanctions could have on their own companies, a second French official said.

"They are I think interested in a unified approach on how we express our profound concern and our disagreement and how we will work together to address them", said the official, who spoke on condition of anonymity.

RUSAL is based in the Bailiwick of Jersey and is one of the world's largest aluminum producers.

As a result of these sanctions, Rusal is not permitted to sell material into the United States and its assets under U.S. jurisdiction are frozen.

General License 14 authorizes US persons to engage in specified transactions related to winding down or maintaining business with United Company RUSAL PLC (RUSAL) and its subsidiaries until October 23, 2018. Rusal's customers scrambled to find other suppliers while stockpiles of the metal from its abandoned orders piled up.

Prices of aluminum have soared by more than 30 percent since the United States sanctions announcement. The Russians were seeking "clarification" on Rusal and Oleg Deripaska, Mnuchin told reporters on Saturday.

Shares of Russian aluminum producer Rusal have soared by 15% to 26.39 rubles per share in the course of the trading on the Moscow Stock Exchange on Monday amid the US Treasury announcement that it may remove the sanctions against the company, according to the trading data.

Deripaska is a veteran of Putin's inner circle and a figure in special counsel Robert MuellerRobert Swan MuellerSasse: US should applaud choice of Mueller to lead Russian Federation probe MORE's investigation of Russia's efforts to influence the 2016 presidential election.

Mueller indicted Manafort and his business associate, Rick Gates, in October 2017 on charges including conspiracy against the U.S, tax fraud and money laundering.

Foreign ministers from the Group of Seven leading industrialized nations will discuss how to maintain pressure on Russian Federation when they meet on Sunday but extra sanctions are not on the agenda, officials said.

The U.S. official said the allies would also discuss developments with European partners France, Germany and Britain on updating a nuclear deal between Iran and six major powers. He has been denied a travel visa to the US multiple times, with the latest instance in 2016, despite pleas on his behalf from Russian Foreign Minister Sergey Lavrov.

"It should calm things down", said Daniel Briesemann, an analyst at Commerzbank AG.

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