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The Russian oligarch targeted by crippling US sanctions has resigned from the board of aluminium producer Rusal, in the latest move by the steel producer to distance itself from its maligned owner.

Oleg Deripaska, whose business empire was hit by tough US sanctions in April, has resigned from the board of Rusal, the company said in a statement on Friday.

The resignation, which took effect from Friday, was made “In furtherance of the efforts that have been made by the management of the group to protect the interests of the company and its shareholders since the OFAC [Office of Foreign Assets Control] Sanctions were imposed,” the Hong Kong-listed company said. 

The move comes a day after Rusal said its chief executive and seven directors had resigned – each had been appointed by Mr Deripaska or EN+, the aluminium producer’s majority owner that he controls. The company’s shares jumped 7 per cent in Hong Kong on Thursday following that announcement. 

Mr Deripaska (pictured) resigned from the board of EN+ at the end of last week.

Rusal, the world’s largest aluminium producer outside China, has seen its market value drop by more than half since it was essentially cut off from the global market after the sanctions were announced on April 6.

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