Mining News - Carnage was unleashed on April 6 by the imposition of United States’ sanctions on Oleg Deripaska and his Rusal aluminum empire. Other producers, including even small-scale ones in Iran, were subsequently the target of investors’ attention.

At a stroke, the sanctions effectively cut off some 3 million tons of aluminum, or roughly 6% of global supply from the markets.

US sanctions targeted Deripaska under a law that ordered the administration of US President Donald Trump to punish Russia for its alleged meddling in the 2016 election.

Deripaska was identified in a January Treasury report as a Russian oligarch close to the country’s president, Vladimir Putin, Bloomberg reported.

Rusal Plc’s shares consequently plunged as much as 41.8% on April 9, as investors bailed on the stock.