Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. Picture taken October 3, 2018. REUTERS/Ilya Naymushin

LONDON (Reuters) - The London Metal Exchange (LME) said on Wednesday it proposed to lift its suspension on aluminum produced by Russia’s Rusal if U.S. sanctions are lifted.

The statement by the exchange followed news that the U.S. Treasury’s Office of Foreign Assets Control (OFAC)would lift sanctions on major aluminum company Rusal and two other firms tied to Oleg Deripaska after a deal was struck to sever the Russian oligarch’s control over them.

“The LME notes the recent notification from OFAC regarding the proposed lifting of the sanctions against Rusal. In the event of the sanctions being lifted, the LME proposes removing all previous requirements around suspension of Rusal brand metal from being delivered into LME warehouses and used in settlement,” the LME said in a statement.