MOSCOW, Jan. 28 (Xinhua) -- Shares of Russian aluminum giant Rusal and the global depository receipts (GDR) of its mother firm En+ surged on the Moscow Exchange on Monday after the U.S.Treasury lifted sanctions on them.
En+ GDRs rose by 9.47 percent shortly after the start of trading and Rusal shares added 6.24 percent, although both gave up some of their gains later.
The U.S. Treasury said in a statement on Sunday that it had lifted sanctions on En+ and its subsidiaries Rusal and JSC EuroSibEnergo (ESE), linked to Russian tycoon Oleg Deripaska.
The announcement followed an agreement between Deripaska and U.S. authorities under which En+, Rusal and ESE have reduced Deripaska's direct and indirect shareholding stakes in these companies and severed his control.
Under the deal, the majority of directors on the En+ and Rusal boards will become independent, including Americans and Europeans. The independent U.S. persons will also hold a significant part of the voting rights on En+ shares.
The U.S. Treasury keeps all its sanctions on Deripaska who, alongside other Russian businessmen, was accused of meddling in U.S. presidential elections.
