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LME confirms it will end suspension on Rusal metal if sanctions lifted

LME confirms it will end suspension on Rusal metal if sanctions lifted
FILE PHOTO: Traders work on the floor of the London Metal Exchange, in London, Britain September 27, 2018. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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LONDON (Reuters) – The London Metal Exchange (LME) confirmed on Monday it would lift its suspension on aluminium produced by Russia’s Rusal <0486.HK> if U.S. sanctions are lifted, saying a consultation with users had not raised any objections to the plan.

The LME proposed removing its block on Rusal metal on Dec. 19, after the U.S. Treasury’s Office of Foreign Assets Control (OFAC) struck a deal with Rusal and two other firms tied to Oleg Deripaska to sever the Russian oligarch’s control over them.

Rusal is the largest producer of aluminium outside China.

The LME said sanctions on the company were expected to be removed on or around Jan 18.

(Reporting by Peter Hobson; Editing by Jan Harvey)

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