The Industrial Association of Europe urged not to impose sanctions against Rusal

The European Industrial Association European Aluminum called on the European Union (EU) not to impose sanctions on Rusal, writes Reuters. At the same time, the association will support restrictions on Russian aluminum in general, reports Reuters.

According to the agency, the head of the association has prepared an internal memorandum regarding possible sanctions. According to a document dated July, members of the association discussed the possibility of “actively calling for EU sanctions against Russian aluminum.” However, Rusal’s “wide global presence” makes sanctions against it “more problematic,” the memorandum says. “European Aluminum recommends that Rusal be avoided by EU sanctions,” the document says.

At the same time, the association supported any efforts of the US government and allies “to combat the ongoing crisis”, including the introduction of new tariffs on aluminum imports from Russia. Russian imports to the US are less than 3%, and the EU’s dependence on Russian aluminum has fallen since 2018, the document notes. If the EU imposes sanctions in this area, it is also necessary to make sure that they cannot be circumvented through third countries – in particular, Turkey and China, the document says.

European Aluminum noted that any sanctions would require a “reasonable transitional period” to allow alternative sources of supply to be found. “Our members asked us to consider the issue (imposing restrictions. – Kommersant) … As far as I know, nothing indicates that any new sanctions are planned,” Paul Voss, the association’s CEO, told Reuters.

USA since March introduced a 200% duty on aluminum imports from Russia. Bloomberg reported that this move was considered for several months and should lead to a complete halt in the supply of Russian metal, which accounts for 10% of all US imports. According to analysts, Rusal will be able to redirect the insignificant volumes that came to North America to Asian markets, including China.

Laura Keffer