Rusal says its forecasts on company’s activity “deemed unreliable”

Any forecast or outlook made or previously made on Rusal activities should be deemed unreliable and may become irrelevant due to the US sanctions, RIA Novosti reports citing data of the Rusal financial report in the first quarter of 2018.

According to the aluminum holding, US restrictions make it highly likely that the impact may be materially adverse to the business, however, the longer term effects of the sanctions, as well as the threat of additional future sanctions, are difficult to determine, the company says.

The report states that Rusal’s primary focus remains on the maintenance of its operations and the protection of the interests of all of its creditors, investors and shareholders.

On April 6, the US Treasury imposed sanctions against several major Russian companies including Rusal. As a result, the company turned out to be teared away from dollar markets.

Later, under pressure of US partners of Rusal, the Treasury postponed the sanctions till October and said lifting sanctions will be possible if Rusal’s owner Oleg Deripaska agrees to relinquish control over the company’s shares.

Rusal was quite a strong company before the sanctions. After the first quarter 2018, it reported growth in sales proceeds by 19.5% earning $2.7bn.