UC Rusal, the Russian metals group controlled by Oleg Deripaska, yesterday said it had reached a deal on restructuring half of its $7.3bn in foreign debt and hoped to renegotiate the remaining amount by the end of this month.

"Currently, 50 per cent of our international creditors have received the endorsement from their credit committees on the restructuring terms," said Oleg Mukhamedshin, Rusal's director for capital markets.