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29 MAY 2018 AL CIRCLE

Government of Russia assures they would  support the national aluminium industry

EDITED BY : BEETHIKA BISWAS 2MINS READ

In a local media update, the Russian Deputy Prime Minister Dmitry Kozak said that the Russian authorities are developing measures to support the national aluminium industry after the US imposed punitive sanctions on RUSAL.  

“The measures aimed at supporting our aluminium industry are being developed. I have already met with the business [circles] and discussed that,” Kozak said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

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In March, US President Donald Trump signed an order imposing tariffs for steel and aluminium imports over national security reasons. This was followed by the imposition of sanctions on Rusal, the world’s biggest aluminium producer and Rusal branded aluminium leading to LME delisting all aluminium stocks supplied by Rusal.

Treasury has extended deadline for Investors to wind up dealings with the sanctioned Rusal and En+ till October 31.

The SPIEF, held in St. Petersburg is a major annual event that creates a platform for communication between business representatives over the most significant issues affecting politics, global economics, development and finance. The forum was held from 24 to 26 May highlighting the current developments like the US sanctions and the sanction on Rusal.

However, the deputy prime minister has not divulged much on the measures the government is going to undertake to protect the Russian aluminium industry.

 

 


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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