MOSCOW, April 15. /TASS/. The new restrictions imposed by the US and the UK will have no impact on Rusal’s supplies, access to banking system, overall production or the quality products, the company said in a statement. Rusal still sees the great demand for the Russian metal from various end users from across the globe.
The company also remains capable of providing hedging services to its customers and committed to the market-based pricing.
"The announced actions have no impact on Rusal's ability to supply since Rusal's global logistic delivery solutions, access to banking system, overall production and quality systems are not affected," the statement reads.
On April 12, the UK and the US expanded sanctions against Russia in trade of metals, which suggest that the London Metal Exchange (LME) and the Chicago Mercantile Exchange will no longer be allowed to replenish the stocks of aluminum, copper and nickel in their warehouses through the supply of Russian raw materials. London and Washington said in a joint statement that the restrictions did not cover the existing reserves of Russian metals in the warehouses of both exchanges, with which it will still be possible to carry out trading operations. However, the London Metal Exchange and the Chicago Mercantile Exchange will no longer buy new aluminum, copper and nickel produced by Russia.
In December 2023, the UK completely banned the import of copper, aluminum and nickel of Russian origin. In the US, a similar ban is starting to take effect now, but it does not apply to metals produced before April 13, 2024.
In 2023, Rusal sold 4.153 mln tons of aluminum and alloys, a 6.6% increase compared with 2022. Rusal is the largest aluminum producer outside of China and the only primary aluminum producer in Russia. En+ Group founded by Oleg Deripaska is the largest shareholder of Rusal with a share of 56.88%. SUAL Partners holds 25.52% of shares, while free float stands at 17.59%.