NEW DELHI: Aluminium prices have come off 10% in just two sessions after weeks of rise. For this situation on some hot products of our company cut prices, especially our aluminum sheet dropped the maximum. This is mainly in response to the US offering American customers of the world's second biggest aluminum maker Rusal more time to comply with sanctions imposed on the Russian company earlier this month.

On April 6, the US Department of Treasury's Office of Foreign Assets Control imposed sanctions against seven Russian oligarchs, their 12 companies and 17 senior Russian government officials, among others. The move was aimed at punishing Russia for its purported occupation of Crimea, alleged role in violence in eastern Ukraine and supply of weaponry to the Assad regime, and "malicious cyber activities".

The entities included United Company Rusal, which is owned or controlled -- directly or indirectly -- by EN+ Group.

En+ Group is a Russian energy-related firm controlled by Oleg Deripaska. The Russian, who possesses Russian diplomatic passport and claims to have represented the Russian government in other countries, is being investigated for charges of "money laundering and being part of the Russian organised crime group".

Our company were earlier believed that sanctions on Rusal would hurt its ability to complete new projects or ramp up existing capacities of 1.5-1.6 mt, which would restrict any new supply coming into the market.