Will Rusal default on some liabilities due to new sanctions?

Will Rusal default on some liabilities due to new sanctions?

Prices of the metal, vital in the aircraft manufacturing and auto industries, jumped as traders protected themselves against the chance that United Company Rusal - the biggest aluminium maker outside China - will be prevented from supplying the global commodity market. The websites of Rusal and sister company En+ were down on Tuesday evening for unknown reasons, although they'd worked earlier in the day.

The entrance to a Moscow business centre that houses the offices of the aluminium giant Rusal, one of the companies controlled by the Russian billionaire Oleg Deripaska.

Rio Tinto Plc, is reviewing its dealings with Rusal to ensure compliance with U.S. sanctions, a top executive had said on Tuesday, but added it was too soon to discuss the future of its Australian venture with Rusal.

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"At the time of withdrawal the ratings were: corporate family rating of Ba3 and probability of default rating of Ba3-PD At the time of withdrawal these ratings had a positive outlook", it said in a statement.

Rusal is the second-largest aluminum maker in the world, while the USA is the largest importer of aluminium. On the New York Mercantile Exchange, palladium futures for June delivery climbed 4.2 percent to $932.50 an ounce, the biggest rally for a most-active contract in seven months.

Worldwide trading houses have stopped buying aluminum from Rusal because of the sanctions, according to executives at five companies that regularly buy from the company, who spoke on condition of anonymity due to the sensitivity of the discussions.

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"There's a lot of panic and uncertainty".

Miner South32 Ltd said on Wednesday it plans to appeal a ruling by Colombia's constitutional court that it must pay damages over the health and environmental impact of its Cerro Matoso nickel mine.

Deripaska, whose wealth Forbes magazine estimates at $6.7bn, meets Putin regularly and has said his own interests can not be separated from those of the Russian state.

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Russia's Moex stock market fell 7.6%, hitting funds exposed to the country.

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