Russia to support companies hit by US sanctions

MOSCOW: Russia said on Monday it will support companies hit by fresh US sanctions as Russian stocks dropped and shares in aluminum producer Rusal plummeted.

Deputy Prime Minister Arkady Dvorkovich said in comments reported by state news agencies that Russia is prepared to back the companies if their positions worsen.

“We have a very attentive approach to our leading companies. They mean thousands of employees and very important jobs for our country,” he was quoted as saying by the Tass agency.

Shares in Rusal, which is controlled by the billionaire businessman Oleg Deripaska, plunged just over 50 percent on the Hong Kong stock exchange Monday.

Rusal said the sanctions “may result in technical defaults in relation to certain credit obligations.”

“The company’s initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group,” Rusal said in a statement.

Deripaska controls a business empire with assets in…

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