Conversely the aluminium price has enjoyed a gain of more than 6.5% over Friday and Monday, its biggest two-day advance since December 2011 on supply concerns, Bloomberg reported. Shares in Rusal and EN+ had already fallen sharply on Friday in response to the sanctions, which were announced towards the end of trading in London.
On the debt front, Rusal will be excluded on April 30 from JPMorgan's CEMBI index group of emerging market corporate bonds, the USA bank said.
Rusal, a Russian-based aluminum maker, has been included in a list of companies sanctioned by the US.
The RTS index, which trades in dollars, fell 9.75 percent, and the MOEX index, which trades in roubles, fell 6.9 percent.
It said in a statement it withdrew the rating for "business reasons".
Moody's had held a "positive" outlook on Rusal's non-investment grade Ba3 rating.
Rusal produces nearly 6 per cent of the world's aluminium.
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Analysts at CRU say Rusal accounts for 14 percent of aluminum supplies outside top producer China.
Rusal assesses that the sanctions may result in technical defaults in relation to certain credit obligations of the group, and the company is evaluating the impact of such technical defaults on its financial position. Global output this year is estimated at 65 million tonnes.
Deripaska, whose wealth Forbes magazine estimates at $6.7bn, meets Putin regularly and has said his own interests can not be separated from those of the Russian state.
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.
The LME introduced a temporary suspension on placing Rusal metal on warrant with effect from April 17 unless the owner demonstrates it won't breach sanctions, the bourse said.
Miner South32 Ltd said on Wednesday it plans to appeal a ruling by Colombia's constitutional court that it must pay damages over the health and environmental impact of its Cerro Matoso nickel mine.