Russian billionaire gets more time to reduce aluminum business interests

The US Treasury Department has renewed a deadline for the Russian billionaire Oleg Deripaska to reduce its interests in the aluminum company Rusal before the sanctions take effect.

The Ministry of Finance said on Friday that the licenses that allow Rusal to continue doing business will be extended from 12 December to 7 January.

The department said in April that it imposes sanctions on Deripaska and several companies in which he is a major shareholder, citing "malicious activities" by Russia.

However, since then the agency has reduced the sanction period several times because it cooperates with the companies that are looking for new shareholders.

Rusal and its parent company En + Group have taken steps to change their management to people who have no ties with Deripaska to make the sanctions more flexible. Both companies have recently appointed new chief executive officers.

Concern about the impact of sanctions on Rusal has cured aluminum markets.

Rusal is the world's largest aluminum producer outside of Hongqiao, China and is a major supplier to the automotive and air industries.