The announcement that the US may consider dropping severe sanctions against Rusal could be resulted in easing threat to up to 1,000 jobs at Limerick’s Aughinish Alumina. Aughinish Alumina, owned by Russian giant UC Rusal, had been under threat since April 2018, when the US Treasury Department had announced harsh sanctions against the company, along with a handful of other Russian aluminium companies.
In April, the US Treasury had granted time till 23rd of October to Rusal’s American customers to comply with sanctions, and also said it would consider lifting sanctions if Rusal’s major shareholder Oleg Deripaska ceded control of the company.
But now, US Treasury Secretary Steven Mnuchin announced that the department would be opening to removing Rusal from the list of companies which were due to be hit by the sanctions.
According to a Reuters report, Mr. Mnuchin’s objective of the punitive sanctions was not to put Rusal out of business. In fact, the United States would be fine if they could find an acceptable solution relating to their objective.
This softer approach by the US finally brought in a positive progress to the company as its shares rose 15 per cent on the Hong Kong Stock Exchange.
This was good news for Aughinish Alumina as well, as the refinery could be free from the threat to up to 1,000 jobs in Limerick. It has 450 people employed on site and another 500 working locally within its orbit as contractors, suppliers, and spin-off industry.
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