Japan cuts off Russian aluminum supplies after US sanctions imposed
As a result of the U.S. sanctions against Russia, Japan will no longer receive aluminum supplies from the Russian company Rusal, stated Kunihiko Higashi, Director of Rusal Japan.
“All further supplies have been cancelled,” the Director said. “Our customers informed us that they would not be able to make payments to the Rusal company for supplies because of the new sanctions imposed by the U.S. We have received notifications from our customers one after another.”
Higashi stated that the cargo already loaded onto vessels would not be taken off, but all future shipments had been cancelled.
According to Rusal Japan, Russia’s aluminum, which was provided entirely by the Rusal holding, accounted for approximately 15% of the aluminum import to Japan (approximately 230,000 tons).
Earlier this week, the Rusal company’s stocks reached a historical low at the exchange.
On April 9, Rusal warned of a risk for technical default due to the U.S. sanctions. Following the introduction of the sanctions, the company’s stocks plummeted by 46.9%, and securities of the En+Group slumped by 41%. The Fitch cancelled its previous ratings for the Rusal company, announcing a revision with possible downgrading.
Various media outlets reported that the companies controlled by Russian oligarch Oleg Deripaska were looking for ways to go around the U.S. sanctions and retain the trade markets.