Rusal decides to move from Jersey to Russia

Rusal decides to move from Jersey to Russia

The Board of Directors of Russia’s sanctions-hit aluminum giant Rusal has decided to redomicile it from Jersey (part of the Channel Islands archipelago) to Russia, the company said in a statement made at the Hong Kong Stock Exchange.

"After careful deliberation, the Board determined that it is in the best interest of the Company and the shareholders," TASS cited the document as saying.

To complete re-registration, the company needs the backing of Russia’s regulatory authorities, approve the change of Personal law from Jersey law to the Russian law, change the English name of the company as well as the full and abbreviated company names in Russian, issue Russian shares and elect Evgeniy Nikitin as the General Director.

The U.S. Treasury slapped sanctions against a number of Russian officials, businessmen and companies, including Rusal, on April 6. The restrictions imply that the U.S. assets of those companies are frozen. They also ban American citizens from doing any business with the companies.