'No impact' on Aughinish as Deripaska sanctioned

The Government does not expect Aughinish Alumina in Co Limerick to be impacted by the latest round of EU sanctions against Russia. Picture: Dan Linehan

The Government does not expect the Aughinish Alumina plant to be impacted by the latest round of EU sanctions against Russia.

Oleg Deripaska owns shares in London-listed EN+, owner of Rusal, which in turn owns the Limerick plant. The oligarch also owns a company that provides military hardware to Russian forces and was listed in the bloc's fifth round of sanctions on Friday. 

"The EU regulations giving legal effect to the fifth package of sanctions against Russia are currently being finalised and are likely to come into effect over the weekend," a spokesperson for the Department of Enterprise told the Irish Examiner.

"It’s important to note too that Oleg Deripaska previously surrendered his majority holding in EN+ and can’t receive any benefit from his minority holding.

The Government strongly supports the continued operation of Aughinish Alumina, which is the largest alumina refinery in the EU. 

"It is an essential part of the European supply chain for aluminium and a major employer in Limerick."

Earlier this week, Finance Minister Paschal Donohoe said he is aware of the “strategic importance” of the plant, which employs 450 people.

Local TD and junior minister with responsibility for higher education Niall Collins said that Mr Deripaska and the business were separate entities.

“He's already a sanctioned individual in the United States and the UK," said Mr Collins.

The important point here is that the company, Rusal, isn't a sanctioned entity.

“He's a shareholder in the business, but there's a clear distinction between the person and the business.

“So clearly, once the company isn't subject to any sanctions, it will be able to continue to operate.”