Russian President Vladimir Putin,left,and Russian metals magnate Oleg Deripaska,right.Credit:AP
The move will affect Russian aluminium company Rusal,the world’s second-largest aluminium producer and a part-owner of Queensland Alumina Limited (QAL) through a joint venture with Anglo-Australian mining heavyweight Rio Tinto. QAL is the oldest Australian alumina refinery and a major employer in the Gladstone area.
“At the moment,we are evaluating the exact effect of the announced measures on the company,” a Rusal spokesman toldThe Age and theHerald.
The announcement of the export ban comes as Rio Tinto attempts to terminate all of its commercial ties to Russian businesses,but faces difficulties unwinding the partnership with Rusal without sanctions targeting Rusal directly.
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The ban raises pressure for Rio Tinto to assume control of the venture by acquiring Rusal’s interests.
“In the absence of sanctions on Rusal,Rio Tinto must take immediate action to protect its reputation,by taking complete control of the Queensland Alumina joint venture and quarantining any profits from Rusal shareholders,” said Dan Gocher of the Australasian Centre for Corporate Responsibility.
Rio Tinto said its priority remained the wellbeing of its people,communities and the continued safe operation of our businesses in “full compliance with all governmental directions,including the Queensland Alumina Limited joint venture”.