The Russian rouble is falling further while two more directors ditch Rusal

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The share price of the company "RUSAL" on Monday morning fell more than 40%. Rusal shares have dropped more than 50% this week.

En+ said it meant to continue to fulfill its existing commitments whilst seeking solutions to address the impact of the US sanctions.

CEO of Glencore Glasenberg attends the St. Petersburg International Economic Forum Thomson Reuters MOSCOW (Reuters) - Rusal's dollar bonds slumped to record lows and a prominent board member resigned on Tuesday in the latest aftershocks from the Russian aluminum giant's inclusion last week on a new USA sanctions list.

"At the time of withdrawal the ratings were: corporate family rating of Ba3 and probability of default rating of Ba3-PD At the time of withdrawal these ratings had a positive outlook", it said in a statement. "I'm going to celebrate Orthodox Easter on Sunday and then analyze the situation with our lawyers at the beginning of next week and give some comments", the businessman said.

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Rusal is the second-largest aluminum maker in the world, while the U.S. is the largest importer of aluminium.

Analysts at CRU say Rusal accounts for 14 percent of aluminum supplies outside top producer China. On the New York Mercantile Exchange, palladium futures for June delivery climbed 4.2 percent to $932.50 an ounce, the biggest rally for a most-active contract in seven months.

The London Metal Exchange said late on Tuesday Rusal's aluminum would be suspended from its list of approved brands from April 17 after some members raised concerns about settling contracts with sanctions-hit companies.

"There's a lot of panic and uncertainty".

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The Russian stock market also fell heavily.

'The Russian government operates for the disproportionate benefit of oligarchs and government elites, ' said Treasury secretary Steven Mnuchin.

As a major Rusal shareholder, Glencore added it was carefully considering how to protect its business and said it was pulling back from earlier plans to swap its 8.75 percent of Rusal for Global Depository Receipts in En+. It said further evaluations were being carried out to assess the impact of the sanctions.

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