Oleg Deripaska plans to keep control over RUSAL even as the Russian aluminum giant battles for survival in the face of harsh U.S. sanctions, Bloomberg reported on April 26, citing people familiar with the matter. Deripaska was counting on lobbying by European governments to help ease the U.S. sanctions, said the people, who asked not…
Kubal, a Swedish plant of Russian aluminum company UC RUSAL, is in negotiations with trading floor for electric power Nord Pool to recover its access to purchases, Bloomberg reported on April 26, citing the bourse. Access to power purchases on the bourse was suspended on April 18 due to a breach of clearing rules, Nord…
Swiss commodity trader Glencore, the biggest buyer of aluminum of Russian UC RUSAL, plans to resume purchases after the U.S. softens its anti-Russian sanctions, news agency Bloomberg reported citing sources familiar with the situation. Glencore has decided that it may continue buying RUSAL’s aluminum until October, according to the sources. Glencore declined to comment. RUSAL…
The Jamaican government can cancel Russian aluminum producer RUSAL’s control over West Indies Alumina Company (Windalco) due to the recent U.S. sanctions against the company, Minister of Transport and Mining Robert Montague declared. “Despite UC RUSAL’s intention to continue to operate as normal, the Ministry of Transport and Mining’s analyses indicate that normal operations will…
The government may buy Oleg Deripaska’s stake in Russian aluminum giant UC RUSAL, but the issue has not been discussed yet, Industry and Trade Denis Manturov declared on April 24. “This is not ruled out but there has been no thematic discussion of the issue yet,” he said, when asked whether the company could be…
The U.S. can lift sanctions against Russian aluminum producer UC RUSAL if businessman Oleg Deripaska cedes the control, according to documents of the Office of Foreign Assets Control (OFAC). The Treasury Department also prolonged a term for U.S. citizens and companies to terminate all contracts and finish the cooperation with RUSAL until October 23 from…
Following the US sanctions, as early as in June Rusal could decrease the number of its employees at Bratsk and Irkutsk Aluminum Works by 10-15%. This will happen if the company fails to sell in China all the aluminum previously exported to other destinations. The main sales markets for Rusal are EU (45%), while US,…
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…
