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Report: Rusal shareholder seeks Kremlin's help as US sanctions bite

Russian oligarch Oleg Deripaska petitioned the Russian government to acquire aluminum from United Co. Rusal PLC, which has been cut off from many markets due to U.S. sanctions, Reuters reported May 24, citing an anonymous senior government source.

Deripaska, a major Rusal shareholder, reportedly sought state support for Rusal and for automobile manufacturer GAZ, applying for loans from state-controlled Promsvyazbank.

The loan for GAZ is said to have been approved, but the government has not yet made a decision on whether to assist Rusal with a loan.

Deripaska stepped down from Rusal's board in light of U.S.-imposed sanctions due to the billionaire's association with the company.

The company's share price rose May 24 in Hong Kong and Moscow after the CEO and half of the board resigned, a development the Russian government believes will help in easing U.S. sanctions against the aluminum producer.