Reuters & Bloomberg fabricating news stories, says sanctioned Russian aluminum giant RUSAL

Oleg Deripaska

"RUSAL has activated a contingency plan asking customers to pay in euros instead of dollars to try to skirt USA sanctions", one of the sources said.

Earlier it was reported that Deripaska has chose to reduce the share in the holding company En+, which owns 40% of RUSAL, is below 50%.

The source added Rusal also hoped its top shareholder Oleg Deripaska, who was put alongside Rusal on a U.S. Specially Designated Nationals blacklist, could keep his stake in the firm at 48 percent under the arrangement.

Russia's Rusal will be forced to quit the global aluminium market and focus on domestic consumers if the U.S. does not lift sanctions once an independent board is in place, a source familiar with the matter said.

Two sources told Reuters earlier on Friday that Rusal would soon appoint a fully independent board, which in turn would appoint a new management team in the hope that the United States would remove the firm from its sanctions list.

In the current situation, the company "reserves the right to use all legal measures to protect its reputation", RUSAL stressed.

The United States said on Monday it would consider lifting sanctions on Rusal if Deripaska ceded control of the company.

The steps were being discussed with other shareholders, the source added.

EN+ said on Friday that he had also agreed to resign from the board and has consented to new directors being appointed so that the group's board will comprise a majority of new independent directors.

The LME suspended Rusal's aluminium from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctions-hit companies.

However, if this option does not work out, Rusal will be forced to focus exclusively on the domestic market and sell part of its production to a state stockpile, the source said.

Reuters said Rusal has already stopped shipping aluminum outside of Russian Federation and is awaiting word from the Treasury's Office of Foreign Assets Control before it will resume exports.

"Up to 2 million tonnes will be processed internally and meet the needs of the military-industrial complex", the source said.

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