Australia’s move to ban alumina exports to Russia is heaping more pressure on Moscow-based aluminum giant United Co Rusal International PJSC and pushing up prices of the so-called everywhere metal.
Aluminum jumped and Rusal shares tumbled as Rio Tinto Group, operator of the Queensland Alumina Ltd joint venture with the Russian company, said it would comply with all of Canberra’s directions.
Rio reiterated that it was in the process of terminating its commercial relationships with Russian businesses following Moscow’s invasion of Ukraine. Rusal holds a 20 percent stake in the Queensland joint venture.
Australian Prime Minister Scott Morrison said that a ship
Australia supplies nearly 20 per cent of Russia’s alumina and its exports of aluminium ores to Russia were prohibited on Sunday.
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Russia is sleepwalking into becoming a client state for China as the invasion of Ukraine prolongs. As Russia faces increasing international sanctions, China is playing an increasingly larger role in providing the financing that Russia needs to fund its war.
China is exploiting the circumstances by buying cheap oil and gas from Russia while seeking ways to covertly fund Russia’s war on Ukraine to exhaust the US and its allies, and more importantly to pave the way to invade Taiwan.
The Russian invasion of Ukraine is going to become a proxy war for China, in which Russia is the client state
Rio Tinto Group has joined the ranks of multinationals shunning Russia following the country’s invasion of Ukraine, calling into question the fate of its aluminum joint venture with Moscow-based United Co Rusal International PJSC.
“Rio Tinto is in the process of terminating all commercial relationships it has with any Russian business,” a spokesman for the global miner said in an e-mailed statement yesterday.
The London-based company operates the Queensland Alumina Ltd joint venture with Rusal, which holds a 20 percent stake.
While Rio is evaluating its options regarding the partnership with Rusal, it last week said that it had the “appropriate structures”