Markets

Russia’s rouble is falling further as Moody’s and two directors ditch Rusal

The Russian rouble fell for a third day this morning as aluminium giant Rusal revealed two more directors had left its board.

After dropping around eight per cent since the start of the week, the rouble shed another 1.77 per cent this morning.

It came as Rusal, a Russian aluminium producer controlled by Oleg Daripaska, an oligarch who has been targeted in recent US sanctions, said two more non-executive directors will depart after Ivan Glasenberg, the chief executive of Glencore, stepped down yesterday.

In a filing to the Hong Kong stock exchange today, Rusal said Maksim Goldman and Daniel Lesin Wolfe had resigned due to the inclusion of Rusal on the US sanctions list.

Ratings agency Moody's also said it will withdraw its rating of Rusal today, citing "its own business reasons".

In a separate filing, Rusal said it was evaluating the effect of the London Metal Exchange's (LME) decision to suspend deliveries from any of Rusal's company's brands to LME-approved warehouses, effective from 17 April.

"Shareholders and potential investors are advised to exercise extreme caution when dealing in the securities of the company," it said.

Shares in the firm were down another 2.38 per cent today after tumbling nearly 60 per cent over the previous two days.

Former UK energy minister Lord Barker reportedly plans to continue as the chairman of London-listed En+, which is also controlled by Deripaska. Trading in the firm's shares has been suspended.

Read more: Double t-rouble: Russian currency hammered from souring relations

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