Aughinish Alumina and other Irish businesses fear financial sanctions against Russia

If the crisis disrupts shipments even for a month it will create major shortages on global markets

Rusal Aughinish, the Russian-controlled smelter in the Shannon Estuary, Europe’s largest bauxite facility, which supplies 45% of its aluminium metal to the European markets, could find itself in the eye of the sanctions storm.

Despite the stream of diplomatic visits to the Kremlin over the past few weeks, the conflict between Russia and Ukraine took a decidedly dangerous turn with the move by Russian president Vladimir Putin to deem that the Ukraine regions of Donetsk and Luhansk will be independent republics.

The EU and US are finalising their first round of economic sanctions and more wide-ranging sanctions will be held in reserve to be applied if Russia proceeds further with armed aggression against Ukraine.