Norway’s aluminum maker Norsk Hydro may declared force majeure on some contracts with Russian aluminum giant UC RUSAL recently hit by U.S. sanctions, Norsk Hydro said in a statement.
The company has notified RUSAL “it may be necessary to declare force majeure on certain contracts, as the company could be prevented from upholding its obligations due to the U.S. sanctions list issued on April 6, at least from June 5.”
Norsk Hydro has also estimated that “the potential impact on its production and customers would not be significant, neither upstream nor downstream.”
On April 6 the U.S. imposed sanctions against 38 Russian tycoons, officials and companies including RUSAL. (Prime/Ukrainian metal)