Ivan Glasenberg quits Russian board amid pressure of U.S. sanctions

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Shares of United Company Rusal, one of the world's biggest aluminum producers, will be deleted from global equity and debt indexes while its metal will not be allowed on the London Metal Exchange (LME) and the CME Group. Shares in Rusal and EN+ had already fallen sharply on Friday in response to the sanctions, which were announced towards the end of trading in London.

New U.S. sanctions are causing fresh economic pain for Moscow, but have also ensnarled a handful of Western firms with deep roots in Russian Federation.

Rusal, which is at the heart of sanctioned businessman Oleg Deripaska's global aluminium empire, has already warned the measures imposed by US authorities could trigger technical defaults on some of its debts.

It said in a statement it withdrew the rating for "business reasons".

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

Comex said it has revoked the approved status for warranting and delivery of the company's brands against the futures contract.

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Separately, Rusal warned that the sanctions impact "may result in technical defaults in relation to certain credit obligations of the group, and the company is now evaluating the impact (if any) of such technical defaults on the financial position of the group".

Aluminum prices extended their rally on Wednesday to a sixth straight session, hitting an 11-week peak, amid persistent worry about shortages.

Washington has accused Deripaska of operating for the Russian government.

EN+, which only listed in London in November having raised $1 billion from City investors despite fears over the potential of further sanctions being imposed on Russian Federation, said it would focus on maintaining its operations and ensuring it "abides by all applicable laws and regulations".

The Russian stock market also fell heavily.

The LME introduced a temporary suspension on placing Rusal metal on warrant with effect from April 17 unless the owner demonstrates it won't breach sanctions, the bourse said.