Rusal Aughinish Limerick Irish Aluminium plant at greater risk of sanctions and default! 10 April 2018

Posted by Shaun McGee

Posted to nuclear-news.net on 10 April 2018

Following the latest barrage of insults and threats at the UN Security Council on the 9th April 2018, it would seem that the USA, UK, Denmark, Sweden and 4 other countries are blaming Russia and its allies for the alleged Chemical attack reported by the White Helmets in E. Ghouta in Syria. The USA is threatening unilateral action if the UNSC does not support the USA,UK position.

The Irish Taoiseach had talks with Prime minister T. May reported on the 6th April 2018trying to state the case for Irish business interests with the Russians. At the centre of the Irish interests are the conversational Aluminium plant near Limerick city Ireland.

Image source; https://greennews.ie/antaisce-local-groups-concern-plans-plant-limerick/

In an new report from The Irish Times reporter meeting in Moscow before the UNSC, it would seem that the Taoiseach`s objectives may soon be underlined by this statement reported on the 6th April 2018;

“….But Brendan Howlin pointed out: “This is a temporary measure that will apply until May – despite this concession we can expect that the Trump administration will continue to press its case.”….” (Limerick Leader report).

According to a report from the US treasury Irish individuals or companies could also face sanctions as stated here;

“…..All assets subject to U.S. jurisdiction of the designated individuals and entities………. and U.S. persons are generally prohibited from dealings with them. Additionally, non-U.S. persons could face sanctions for knowingly facilitating significant transactions for or on behalf of the individuals or entities blocked today…..”

After the meeting today and the response from the US representative at the meeting and the pressures existing on the RUSAL group companies, this could bode ill for Irish business interests and especially the RUSAL owned plant near Limerick city as RUSAL`s Shares plummet.

To compound the problems, The USA uses Shannon airport near Limerick for transportation of military personnel and equipment to the Middle East which is also controversial because it contravenes Irish neutrality. The USA interests in Ireland will surely cause problems for Russian business interests in Ireland.

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Whilst the UK illegally boarded a Russian outbound aircraft recently at Heathrow airport to search it, The Irish Government has repeatedly ignored calls by Irish NGO Shannonwatch and many others in Ireland who want to check the planes for illegal military goods transit that may be breaking Irish laws.

SOURCES FOR ARTICLE;

10th April

“……In other fallout from the new sanctions, Russian aluminum giant Rusal saw its share price plummet after the company and co-owner Deripaska were targeted, prompting the producer to warn of potential debt defaults.

Rusal stock nearly halved to HK$2.39 in Hong Kong trading on April 9, while aluminum prices surged. Rusal shares were losing more than 20 percent in the Moscow stock exchange.

Trading of Deripaska’s En+ Group, which manages Deripaska’s assets, was temporarily halted in London after its shares lost almost one quarter of their value…..”

https://www.rferl.org/a/russia-deripaska-rusal-shares-price-falls-sanctions/29154127.html

By Maria Flannery

6 Apr 2018

But despite the cool breeze between Europe and Russia, the Department of Foreign Affairs and Trade this week moved to reassure those who rely on Russian industry.

“There is no reason to believe that our trade and economic relations with Russia will be affected by recent events,” said a spokesperson from the department in a statement to the Limerick Leader.

“We have much to gain from each other in our trade and economic exchanges and, indeed, in people-to-people contacts. We hope that we can continue to build on the many positives in our relationship.”

https://www.limerickleader.ie/news/home/306380/russia-tensions-shouldnt-affect-trade-at-aughinish-alumina-in-limerick.html

Henry FoyMoscow

9 April 2018

Both Rusal and EN+ said in separate statements on Monday that their “initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group”. EN+ owns a controlling stake in Rusal and the energy company that powers its aluminium smelters.

Separately, Rusal warned that the sanctions impact “may result in technical defaults in relation to certain credit obligations of the group, and the company is currently evaluating the impact (if any) of such technical defaults on the financial position of the group”.

“The biggest blow was taken by public companies controlled by Oleg Deripaska,” Moscow brokerage Aton wrote in a briefing note, adding that the market was looking for “possible actions to minimise” the damage.

https://www.irishtimes.com/business/economy/shares-in-russian-companies-plummet-on-us-sanction-fears-1.3455874

“All assets subject to U.S. jurisdiction of the designated individuals and entities, and of any other entities blocked by operation of law as a result of their ownership by a sanctioned party, are frozen, and U.S. persons are generally prohibited from dealings with them. Additionally, non-U.S. persons could face sanctions for knowingly facilitating significant transactions for or on behalf of the individuals or entities blocked today.’

https://home.treasury.gov/news/featured-stories/treasury-designates-russian-oligarchs-officials-and-entities-in-response-to