The strongest effect from the introduction of new US sanctions was tested by securities of companies controlled by Oleg Deripaska, who fell by 10-20%. Shares of state companies, whose top managers were on the black list, reacted with restraint.
Crash on the news
On Friday, April 6, the US Treasury introduced new sanctions against Russian businessmen, managers of state companies and officials. They suggest blocking the assets of those who are on the sanctions list, and also prohibit American citizens and companies from engaging in any economic activity with persons involved. The grounds for imposing sanctions are an attempt by Moscow to undermine Western democracies, the US Treasury explained.
Among those who came under sanctions are several Russian billionaires from the Forbes list: the owner of the Basic Element, Oleg Deripaska, the head of Renova Viktor Vekselberg, the board member of Sibur Kirill Shamalov, the chairman of the board of directors of NPP Engineering Igor Rotenberg, the senator Suleiman Kerimov, as well as Alisher Usmanov's partner Andrei Skoch, whose family owns a stake in Vnukovo airport. Several Russian companies also entered the list, including Deripaska's largest public assets UC Rusal and EN + Group.
At the Moscow stock, EN + Group shares fell by more than 20% to 17:25 Moscow time, UC Rusal shares - by 12.44%. UC Rusal lost more than 66 billion rubles. capitalization (about $ 1.15 billion - up to $ 8 billion) - up to $ 465, while the total value of En + shares dropped by $ 1.4 billion, to $ 5.5 billion.
According to Bogdan Zvarych, a senior analyst at Freedom Finance, the market reaction is more emotional than rational.
If we consider the Russian market as a whole, then the reaction can be characterized as calm. According to the Moscow stock exchange at 17:25 Moscow time, the Mosbirzhi index dropped by 0.18%, the RTS index - by 0.47%.
State companies do not care
Not only businessmen, but also heads of large state companies got to the black list: the head of Gazprom Alexey Miller, the head of VTB Andrey Kostin, Gazprombank's presidency Andrei Akimov. VTB's shares almost did not react to the news - they only slowed the growth, started on the morning of April 6. According to the Moscow stock exchange at 17:30, VTB shares rose by 1.69% by the start of trading. Gazprom also rose slightly, by 0.92%.
Inclusion of the president of the board of VTB Andrei Kostin in the sanction list does not apply to VTB, explained the partner of the EMBP law firm Mergen Doraev. This explains the calm reaction of the papers to the news. "All legal entities that have a share of direct or indirect ownership of 50 and more percent automatically fall under the sanctions. That is, this "50% rule" automatically extends sanctions on controlled Russian and foreign companies. If the head gets involved in the sanctions, the sanctions do not apply to the legal entity, but the direct contact with this top manager is prohibited, "the lawyer explained. VTB has already been subject to sectoral sanctions, which limited only certain financial transactions with the bank.
As for Gazprom, the company's projects have already been taken from sanctions, for example, to the North Stream-2, Zvarych recalls. However, despite this, the project continues, and foreign countries, on whose territory the pipeline passes, give their permission for its construction, he points out.