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Russia’s Rusal board chairman steps down in line with U.S. instructions



FILE PHOTO: Matthias Warnig attends a meeting with Russia’s President Vladimir Putin and Kazakhstan’s President Nursultan Nazarbayev in Sochi, Russia October 12, 2017. REUTERS/Maxim Shemetov

MOSCOW (Reuters) – Russian aluminum giant Rusal said on Wednesday that Matthias Warnig, chairman of its board of directors, had resigned as part of a restructuring process the company agreed to implement so that the U.S. Treasury can remove it from the sanctions list.

The U.S. Treasury said last week it would remove sanctions against Rusal, its parent En+ and power firm EuroSibEnergo if they restructured to reduce the stake of businessman Oleg Deripaska, who is under U.S. sanctions. Warnig’s stepping down is one of the conditions of the deal.

Reporting by Polina Devitt; Editing by Gareth Jones