Rusal's shares in Hong Kong have slumped by half since the sanctions were imposed on Friday and gave up another 1.9 percent on Wednesday.
Rusal produces nearly 6 per cent of the world's aluminium.
Although the supply pipeline of the metal, more than two-fifths of which is sourced in Russian Federation, has not been directly hit by the sanctions, the market has been rattled by the inclusion of Deripaska on the blacklist. This move will significantly impact the operations of Rusal, which has warned of a possible default.
The US sanctions could lead to other unexpected downstream effects. The block on Russian supplies adds to earlier import tariffs imposed by the U.S. to benefit American producers most. The sanctions were initially imposed to punish Russian Federation for actions in Crimea, Ukraine, and Syria, and for its alleged attempts to subvert Western democracies.
The measures against Rusal and its boss, metals magnate Oleg Deripaska, mark the first time a major global company has been targeted by Washington in its moves to punish Russian Federation for alleged meddling in the 2016 USA election.
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Concerns also spread to Glencore, the FTSE 100-listed mining and energy giant.
As Bloomberg points out, the move also raises questions for Glencore and its billionaire chief Ivan Glasenberg, the commodity giant who is one of Rusal's top shareholders, owning an 8.75 percent stake and also the biggest buyer of its metal, having bought $2.4 billion of metal from it previous year. Glencore shares fell 3.4% to a four-month low. The company floated its shares in London in November, raising $1bn (£710m), despite concerns that it could face sanctions related to Deripaska's ties to Putin.
Washington has accused Deripaska of operating for the Russian government. He features in Robert Mueller's investigation into Russian meddling in the United States election because of his ties to Paul Manafort, Donald Trump's former campaign chairman.
Prime Minister Dmitry Medvedev said Moscow was looking at how to support the companies and sectors that have been hit. That's up 13% since Thursday, before the United States announced sanctions.
Swiss-based commodities trader Glencore, a Rusal shareholder and one of its biggest customers, said it was evaluating the position under its contracts with Rusal in the light of the sanctions.