New Trump sanctions cost Russian oligarch

Aughinish Alumina refinery on the Shannon estuary

Shares in Rusal and EN+ had already fallen sharply on Friday in response to the sanctions, which were announced towards the end of trading in London.

They follow a diplomatic crisis sparked by the poisoning of former spy Sergei Skripal in Salisbury.

The action targeted Russian oligarchs whose companies have wide-ranging involvement in global capital markets.

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

Aluminum stocks rose as giant Russian producer United Company Rusal warned on Monday that Trump administration sanctions could land the company in technical default of debt obligations.

Under the sanctions, Americans are generally prohibited from doing business with the companies, and people of other nationalities could face sanctions themselves if they facilitate transactions for the firms.

The sanctions, the latest U.S. effort to punish Moscow for "malign activity around the globe", also affect 17 senior Russian government officials.

Rusal produced 3.7 million tonnes of aluminium a year ago, which according to brokers Argonaut is about 7 percent of the world total.

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"We have a whole list of possible measures that are being studied".

The Kremlin slammed the sanctions.

The fall represented a loss of more than 3.5 billion euros ($4.3 billion) for the company, which is headed by billionaire Oleg Deripaska, and which accounts for some seven percent of the world's aluminium production.

The sanctions also hit Norilsk Nickel, whose shares were down 16 percent.

In a sea of red for Russian stocks Evraz, the FTSE 100 mining group part-owned by Roman Abramovich, fell 14 per cent and Polymetal, the FTSE 250 miner, closed down 18 per cent. Glencore is one of Rusal's biggest investors and buyers of its aluminium, and its chief executive, Ivan Glasenberg, sits on the Rusal board.

EN+, which only listed in London in November having raised $1 billion from City investors despite fears over the potential of further sanctions being imposed on Russian Federation, said it would focus on maintaining its operations and ensuring it "abides by all applicable laws and regulations".

The company said the sanctions were likely to have a "materially adverse" impact on its business and finances.

"This is an outrageous business from the point of view of illegality, from the point of view of flouting all the norms, and of course careful analysis is needed here", Putin's spokesman Dmitry Peskov told journalists.

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