VTB closed the credit line of the Russian tycoon Oleg Deripaska

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"Following the efforts of the company's management to protect its interests and shareholders, following the introduction of U.S. sanctions, Oleg Deripaska, the non-executive director, resigned on May 25, 2018", the report states.

Oleg Deripaska has quit the post of non-executive director of Russia's aluminum producer Rusal, the company said in a statement released via the Hong Kong stock exchange on Friday.

Rusal CEO Alexandra Buriko tendered her resignation on Thursday.

THE COMPANY that owns Aughinish Alumina, UC Rusal, overnight announced that its new CEO and seven of its directors have resigned.

The directors stepping down are Vladislav Soloviev, Siegfried Wolf, Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina.

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Along with Deripaska, the US Treasury sanctioned six other oligarchs and the companies they control, 17 senior Russian Government officials, a Russian arms company and a Russian bank.

The Russian billionaire, who has close ties to President Vladimir Putin, agreed last month to reduce his stake in EN+ Group - the holding company that controls Rusal - to below 50%.

The US has given American customers and suppliers of the company until October 23, to wind down business, a deadline which was extended after the chaos of the initial sanctions announcement. Some banks have already limited the processing of payments for Rusal, it said yesterday.

Rusal also warned that under those circumstances it might not be able to maintain its operating performance at the level required to service and repay its debts and that could result in current creditors accelerating repayment. The fall in sales and additional costs in rearranging the company's supply chain, "may".

At the end of May, Deripaska's firms En+, Rusal and carmaker GAZ were removed from the USA sanctions list while the businessman remained subject to the measures. The mass exodus is part of a bid to alleviate sanctions imposed on the company by the US Treasury.