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    US sanctions lift on Rusal brings relief for Aughinish Alumina in Limerick

  • China Aluminium Network
  • Post Time: 2019/1/29
  • Click Amount: 258

    The US Treasury Department announced on Sunday, January 27, that it removed sanctions on Rusal, the Russian energy giant that owns Aughinish Alumina in Limerick, in a move welcomed by the Irish Government.

    In December, the US Treasury had announced its intention to remove the sanctions against Rusal, the Russian parent company of Aughinish Alumina, but on a condition that Russian billionaire Oleg Deripaska had to relinquish control of the company. So, as part of the deal, the three Deripaska companies - Rusal, En+ and power firm EuroSibEnergo agreed to restructure to reduce Deripaska’s stakes.

    Following the board restructuring agreement, Rusal’s board chairman Mattias Warnig also resigned from his post, as per the report from Reuters.

    The Irish Government had also lobbied US officials to highlight the impact on Aughinish Alumina.

    Early January, a number of European Ambassadors, including Ireland’s representative in Washington Dan Mulhall, sent a letter to Congress urging support for the removal of sanctions.

    However, Democrats voiced their opposition to the move and even attempted to block the lifting of sanctions, but failed to secure enough support in Congress.

    The Tánaiste Simon Coveney welcomed the lifting of sanctions tweeting “it was very good news for Aughinish Alumina and west Limerick."

    Aughinish Alumina employs 460 staff, 200 contractors and indirectly supports hundreds of additional jobs but there have been fears over the future of the Limerick plant because of the sanctions.

    Source: www.alcircle.com
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