The US sanctions and the global fallout from the diplomatic tensions between Russian Federation and the west, have pulled Askeaton's Aughinish Alumina plant into uncertainty.
The sanctions hit oligarchs close to President Vladimir Putin, including Deripaska, prompting the shares of the firm responsible for 7 percent of the world's aluminium production to tumble while the price of the metal soared.
Gazprom CEO Alexei Miller and several prominent Russian businessmen, including aluminum tycoon Oleg Deripaska, were also put on the sanctions list. He is also a person of interest in the U.S. investigation into Russian collusion in the Trump presidential campaign.
Rusal said Thursday that chief executive Alexandra Bouriko had resigned, as had half of the board. Deripaska agreed. In may, the U.S. Treasury announced that under the same conditions ready to remove the sanctions and the group GAS associated with Deripaska.
Washington has previously offered a similar extension to sanctioned aluminium producer Rusal, in which Deripaska holds a 48 per cent stake.
In a separate statement, Rusal said unless sanctions are lifted or the company is granted a new license by the U.S. Office of Foreign Assets Control (OFAC), global financial institutions are likely to stop dealing with the group and its metal production and sales would be hit.
"Rusal has been making progress in demonstrating it will meet conditions for relief from the U.S. sanctions - without which it can't operate normally", said Helen Lau, a Hong Kong-based metals and mining analyst at Argonaut Securities. "Opportunities to provide financing to the Group on commercially reasonable terms will be very limited", the statement said.
Treasury also said on Tuesday that it will give GAZ and any entities in which the company has a 50 percent or greater stake until October 23 to wind down activities and comply with US sanctions.