Australia banned exports of alumina and aluminum ore to Russia

Australia has banned the EXPORT to RUSSIA of resources needed for aluminum production.The founder of the largest aluminum company UC Rusal, Oleg Deripaska, is already under Australian sanctions

Australian companies are prohibited from supplying alumina, aluminum ores and bauxite to Russia. This is stated on the website of the Ministry of Foreign Affairs of the country.

The purpose of the sanctions, according to the Australian Foreign Ministry, is to limit the ability to produce aluminum, which is one of the key elements of Russian exports. it is alleged that Russia's needs for alumina are supplied by 20% from Australia.

Sanctions were introduced against the backdrop of a rise in aluminum prices. In early March, during trading on the London Stock Exchange, the price of aluminum reached $3,707.5 per ton. Thus, prices broke the record on February 24 — $3,480 per ton. The largest aluminum producer in Russia, UC Rusal, occupies 13% of the global metal market CHINA ). According to REUTERS, the price could rise due to the risks of sanctions that were imposed by Western countries against Russia.

Aluminum rises to historical record amid operation in Ukraine Business

This is the fifth package of sanctions that Australia has imposed against Russia since the start of a military special operation in Ukraine. The National Wealth Fund of Russia and the Ministry of Finance, as well as Sberbank, Gazprombank, VEB.RF, VTB, Rosselkhozbank, Sovcombank, Novikombank, Alfa-Bank and Moscow Credit Bank were subject to restrictions.